Palo Alto Networks reported strong fiscal third quarter results as its security platform got a boost due to remote work.
The company reported a third quarter net loss of $74.8 million, or 77 cents a share, on revenue of $869.4 million, up 20% from a year ago. Non-GAAP earnings for the quarter were $1.17 a share.
Wall Street was looking for non-GAAP earnings of 94 cents a share on revenue of $831.1 million.
CEO Nikesh Arora said:
The world will likely be in a state of transition over the next 12 to 18 months due to the COVID-19 pandemic. We believe this will prompt key trends to accelerate, including remote working models, shift to the cloud, and focus on AI/ML and automation to drive effective cybersecurity outcomes.
As for the outlook, Palo Alto Networks also upped its guidance. For the fourth quarter, Palo Alto Networks projected non-GAAP earnings of $1.37 a share to $1.40 a share on revenue $915 million to $925 million. Analysts were looking for non-GAAP earnings of $1.31 a share on revenue of $916.8 million.
For fiscal 2020, Palo Alto Networks is projecting revenue between $3.37 billion and $3.38 billion with non-GAAP earnings between $4.78 a share to $4.81 a share.