Palo Alto Networks Inc (NYSE: PANW) gained momentum as the company posted better-than-expected earnings for its second quarter.
The company, based in Santa Clara, California, reported revenue for the fiscal second quarter 2018 grew 28% year over year to $542.4 million, compared with total revenue of $422.6 million for the fiscal second quarter 2017.
A new release out Monday also said GAAP net loss for the fiscal second quarter 2018 was $34.9 million, or $0.38 per diluted share, compared with GAAP net loss of $60.6 million, or $0.67 per diluted share, for the fiscal second quarter 2017.
Meantime, in its fiscal second quarter 2018, the company had a GAAP one-time tax benefit of $6.2 million associated with the U.S. Tax Cuts and Jobs Act, which resulted in a benefit to fiscal second-quarter 2018 GAAP earnings per diluted share of $0.07.
Said CEO Mark McLaughlin, "We delivered a strong fiscal second quarter with total revenue growing 28 percent year over year to $542.4 million as we saw robust new customer acquisition and expansion in existing accounts.
"Digital transformation requires security transformation built upon increasing automation, leverage, and consistency, the hallmarks of our Next-Generation Security Platform. We continue to harness the power of innovation to introduce new technology and disrupt traditional consumption models as we help customers solve their most complex security challenges and embrace the benefits of the digital age."
Shares in the company triumphed $5.56, or 3.3%, to $174.88, in Tuesday’s last hour of trading.