Palo Alto Networks Inc (NASDAQ:PANW) reported better-than-expected results for its fourth quarter and issued upbeat forecast for the first quarter. The company also announced plans to acquire The Crypsis Group for $265 million.
The Santa Clara, Calif.-based company announced total revenue for the fiscal fourth-quarter 2020 grew 18% year over year to $950.4 million, compared with total revenue of $805.8 million for the fiscal fourth quarter 2019.
GAAP net loss for the fiscal fourth quarter 2020 was $58.9 million, or $0.61 per diluted share, compared with GAAP net loss of $20.8 million, or $0.22 per diluted share, for the fiscal fourth quarter 2019.
Non-GAAP net income for the fiscal fourth quarter 2020 was $144.9 million, or $1.48 per diluted share, compared with non-GAAP net income of $146.9 million, or $1.47 per diluted share, for the fiscal fourth quarter 2019.
Said CEO Nikesh Arora "We had a strong finish to our fiscal year, with fourth quarter billings accelerating to 32% year-over-year growth, driven by strong execution, work-from-home tailwinds, and continued success in next-gen security."
For the first quarter of fiscal 2021, the company expects total billings in the range of $1.03 billion to $1.05 billion, representing year-over-year growth of between 15% and 17%. It also calls for total revenue in the range of $915 million to $925 million, representing year-over-year growth of between 19% and 20%.
PANW shares let go of $5.02, or 1.9%, to $262.05.
