Palo Alto Networks reported strong fourth quarter earnings as the company saw strong demand and grew its customer base to more than 42,500.
The security company reported a net loss of $38.2 million, or 42 cents a share, on revenue of $509.1 million, up 27 percent from a year ago. Non-GAAP earnings were 92 cents a share for the fourth quarter.
Wall Street was expecting fourth quarter non-GAAP earnings of 79 cents a share on revenue of $487.3 million.
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Mark McLaughlin, CEO of Palo Alto, said it added about 3,000 new customers for a quarter. The company updated a bevy of products including a security service called GlobalProtect, a logging service and application framework.
In addition, CFO Steffan Tomlinson will retire.
For fiscal 2017, Palo Alto reported a net loss of $216.6 million, or $2.39 a share, on revenue of $1.8 billion, up 28 percent from a year ago. Non-GAAP annual earnings were $2.71 a share.
As for the outlook, Palo Alto projected first quarter revenue between $482 million to $492 million with non-GAAP earnings of 67 cents a share to 69 cents a share. For fiscal 2018, Palo Alto projected revenue between $2.12 billion and $2.16 billion, up 21 percent to 23 percent from 2017. Non-GAAP annual earnings will be about $3.24 a share to $3.34 a share.
The guidance was roughly in line with Wall Street expectations.