Photograph by Getty Images
By Reuters
Updated: August 31, 2017 5:06 PM ET

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.

Get Data Sheet, Fortune’s technology newsletter.

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.

SPONSORED FINANCIAL CONTENT

You May Like

EDIT POST