Palo Alto Networks (NYSE:PANW) had a quarter to remember as it ends the first half of its fiscal 2019 on a positive note that included earnings and revenue that topped Wall Street expectations, as well as a positive outlook, propelling PANW stock forward more than 10% after hours.
The Santa Clara, Calif.-based cybersecurity giant said that for its second quarter, it posted a loss of $2.6 million, or 3 cents per share, which is nearly 90% narrower than its loss of $25.6 million, or 28 cents per share, from the year-ago period. On an adjusted basis, the company brought in a profit of $1.51 per share, handily topping the Wall Street consensus estimate of $1.22 per share.
Palo Alto Networks added that for its second quarter, revenue soared more than 30% to $711.2 million from $545.6 million year-over-year. Analysts were calling for the California tech company to amass revenue of $682.1 million, according to data compiled by FactSet.
For its third quarter of the fiscal year, the company is guiding for adjusted earnings in the range of $1.23 to $1.25 per share, while analysts see this figure coming in at $1.25 per share. Palo Alto Networks also sees its revenue in the range of $697 million to $707 million, above the $696.7 million that analysts call for.
PANW stock was increasing about 0.7% during regular trading today before the Wall Street bell rang. Since then, shares have surged about 10.6% following a strong quarterly showing from Palo Alto Networks, as well as an encouraging outlook for its current quarter.