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Palo Alto Networks sees revenues surge by 20%

The firm said that remote working models, the shift to the cloud, and a focus on AI and Machine Learning would be key trends going forwards

Palo Alto Networks sees revenues surge by 20%

Global cybersecurity specialists, Palo Alto Networks, has announced strong financial results for the fiscal third quarter 2020, ended April 30, 2020.

Total revenue for the fiscal third quarter 2020 grew 20 per cent year over year to $869.4 million, compared with total revenue of $726.6 million for the fiscal third quarter 2019.

GAAP net loss for the fiscal third quarter 2020 was $74.8 million, or $0.77 per diluted share, compared with GAAP net loss of $20.2 million, or $0.21 per diluted share, for the fiscal third quarter 2019.

Non-GAAP net income for the fiscal third quarter 2020 was $114.6 million, or $1.17 per diluted share, compared with non-GAAP net income of $130.1 million, or $1.31 per diluted share, for the fiscal third quarter 2019. A reconciliation between GAAP and non-GAAP information is contained in the tables below.

"The world will likely be in a state of transition over the next 12 to 18 months due to the COVID-19 pandemic. We believe this will prompt key trends to accelerate, including remote working models, shift to the cloud, and focus on AI/ML and automation to drive effective cybersecurity outcomes," said Nikesh Arora, chairman and CEO of Palo Alto Networks.

"Palo Alto Networks is well positioned to leverage the acceleration of these trends, with our significant and ongoing investments to transform our company into a multi-product, integrated platform provider of cybersecurity solutions. As our performance this quarter demonstrates, we are entering this transition in a position of strength, and while the path might be bumpy, we believe we will emerge stronger as we continue providing the best security solutions for our customers."

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