Palo Alto Networks Inc (NYSE:PANW) reported stronger-than-expected results for its second quarter.
The Santa Clara, Calif.-based company announced Tuesday the total revenue for the fiscal second quarter 2019 grew 30% year over year to $711.2 million, compared with total revenue of $545.6 million for the fiscal second quarter 2018. GAAP net loss for the fiscal second quarter 2019 was $2.6 million, or $0.03 per diluted share, compared with GAAP net loss of $25.6 million, or $0.28 per diluted share, for the fiscal second quarter 2018.
Non-GAAP net income for the fiscal second quarter 2019 was $147.0 million, or $1.51 per diluted share, compared with non-GAAP net income of $98.7 million, or $1.05 per diluted share, for the fiscal second quarter 2018.
CEO Nikesh Arora commented, "We remain focused on delivering to our customers the best security in the market.
"Our recently introduced products and services, including Cortex XDR, Traps 6.0, PAN-OS 9.0, the DNS Security Service subscription, and our fastest ever Next-Generation Firewall, coupled with the proposed acquisition of Demisto, further enhance and expand our capabilities, making security simpler and more effective through the use of artificial intelligence, analytics, automation and orchestration."
Last week, the board of directors authorized a $1-billion share repurchase, which would allow the company to repurchase its shares opportunistically and will be funded from available working capital. The company had approximately 93.7 million shares of common stock outstanding as of January 31.
Shares vaulted $20.07, or 8.5%, to $255.62
