Palo Alto Networks (PANW) saw its loss narrow to $60.90 million, or $0.67 a share for the quarter ended Apr. 30, 2017. In the previous year period, the company reported a loss of $64.10 million, or $0.73 a share. On the other hand, adjusted net income for the quarter stood at $57.10 million, or $0.61 a share compared with $42.30 million or $0.46 a share, a year ago.
Revenue during the quarter grew 24.87 percent to $431.80 million from $345.80 million in the previous year period. Gross margin for the quarter contracted 120 basis points over the previous year period to 71.35 percent. Operating margin for the quarter stood at negative 11.37 percent as compared to a negative 15.18 percent for the previous year period.
Operating loss for the quarter was $49.10 million, compared with an operating loss of $52.50 million in the previous year period.
“We reported record revenue of $432 million in our fiscal third quarter and added the second highest number of new customers in the company’s history,” said Mark McLaughlin, chief executive officer of Palo Alto Networks. “The integrated and highly automated prevention capabilities of our Next-Generation Security Platform continue to differentiate us in the market as we help our customers protect our digital way of life.”
For the fourth-quarter, Palo Alto Networks forecasts revenue to be in the range of $481 million to $491 million. On an adjusted basis, the company expects diluted earnings per share to be in the range of $0.78 to $0.80.
Operating cash flow improves significantly
Palo Alto Networks has generated cash of $629 million from operating activities during the nine month period, up 33.46 percent or $157.70 million, when compared with the last year period.
The company has spent $411.10 million cash to meet investing activities during the nine month period as against cash outgo of $339.30 million in the last year period.
The company has spent $260.30 million cash to carry out financing activities during the nine month period as against cash inflow of $42.20 million in the last year period.
Cash and cash equivalents stood at stood at $692 million as at Apr. 30, 2017.
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