Palo Alto reports 41% increase in Q4 revenue

Tuesday, 30. August 2016 23:29

Palo Alto Networks, a Californian enterprise and network security provider, said on Tuesday its total revenues in the fiscal fourth quarter grew 41% year on year to a record $400.8 million. Non-GAAP net income for the period came in at $46.2 million, or 50 cents a share, up from $25 million, or 28 cents per share recorded a year earlier. The firm reported a 45% increase in its billings, which reached $572.4 million over the three months ended July 31.

Palo Alto's customers are increasingly shifting to the company's Next-Generation Security Platform to prevent cyberattacks more effectively, regardless of the location of their data, chief executive Mark McLaughlin said in a statement.

The cybersecurity company, whose competitors include Cisco and Fortinet, announced a $500 million share repurchase authorization to be funded by available working capital. Its stock closed 1.39% in the green at $143.45.


Image: EPA / Mick Tsikas

Related Links: Palo Alto Networks Inc.
Baha Breaking News (BBN) / IB