Palo Alto Networks reported higher-than-expected quarterly results as the cybersecurity firm added a record number of customers in the wake of the recent global ransomware attack.
Palo Alto’s shares were trading up 6.6% at $141.50 after the bell on Thursday.
The company’s security services have been gaining traction after investors treated the recent global ransomware attack as a buying opportunity for security stocks rather than a cause for concern over the risk it posed to companies.
The global WannaCry ransomware cyberattack, which commenced around mid-May, infected 300,000 computers in more than 150 countries..
Palo Alto Networks also on Thursday forecast current-quarter revenue of $482 million to $492 million. Analysts’ on average estimated revenue of $489.7 million, according to Thomson Reuters I/B/E/S.
The company, whose customers include enterprises and government bodies, forecast first-quarter profit of 67 cents-69 cents per share, ahead of analysts’ average estimate of 68 cents per share.
Services revenue, which includes revenue from contract-based subscriptions, surged 41.5% to $296.8 million. The company gets more than half of its revenue from this business.
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Billings, defined as total revenue plus the change in deferred revenue, rose 17.2% to $670.8 million.
However, net loss widened to $38.2 million, or 42 cents per share, in the fourth quarter ended July 31, from $31.4 million, or 35 cents per share, a year earlier.
On an adjusted basis, Palo Alto earned 92 cents per share.
Revenue rose to $509.1 million from $400.8 million.
Analysts had expected revenue of $487.3 million and profit of 79 cents per share.
The company also said its CFO Steffan Tomlinson planned to retire.
Correction (Aug. 31, 2017, 6:45 pm): This article was corrected to say net loss widened and to correct the year-ago net loss figures in the same paragraph.