Palo Alto Networks Inc (NYSE: PANW) gained ground Tuesday after the company reported stronger-than-expected results for its first quarter and appointed Kathy Bonanno as new Chief Financial Officer.
The company, based in Santa Clara, California revaled Monday otal revenue for the fiscal first quarter 2018 grew 27% year over year to $505.5 million, compared with total revenue of $398.1 million for the fiscal first quarter 2017.
GAAP net loss for the fiscal first quarter 2018 was $64.0 million, or $0.70 per diluted share, compared with GAAP net loss of $56.9 million, or $0.63 per diluted share, for the fiscal first quarter 2017.
According to CEO Mark McLaughlin, "I am pleased with our start to fiscal year 2018 as we delivered record first quarter revenue of $505.5 million, growing 27 percent year over year, and added more than 2,500 new customers, bringing the total number of customers we now serve to more than 45,000,
"We continue to drive disruptive evolutions in a large and growing market by delivering highly automated and orchestrated security capabilities that increase prevention rates and simplify consumption models."
For her part, Bonnano has held senior finance positions at Palo Alto Networks since 2014 and, most recently, had responsibility for financial planning, treasury, enterprise risk management and facilities.
For the second fiscal quarter, Palo Alto projects total revenue in the range of $518 to $528 million, representing year-over-year growth between 23% and 25%, as well as product revenue in the range of $185 to $188 million, representing year-over-year growth between 10% and 11%.
Shares in PANW popped $7.91, or 5.6%, Tuesday to $150.44.
