Palo Alto Networks reports strong Q1 results appoints new CFO

Palo Alto Networks printed its half-moon commercial enterprise 2018 money results on Monday, beating market expectations and causing shares up in late mercantilism.

The security company announce non-GAAP income of $69.8 million, or seventy four cents per diluted share, compared with non-GAAP income of $51.2 million, or fifty five cents per diluted share, a year previous. It announce record first-quarter revenue at $505.5 million, that represents twenty seven % year-over-year growth.

Wall Street was expecting non-GAAP earnings of sixty nine cents on revenue of $489 million.

"We still drive unquiet evolutions during a giant and growing market by delivering extremely machine-driven and musical organization security capabilities that increase interference rates and change consumption models," chief operating officer Mark McLaughlin aforementioned during a statement.

The company extra quite a pair of,500 new customers in Q1, transfer its total variety of shoppers to quite forty five,000. Retiring chief financial officer Steffan Tomlinson attributable the sturdy quarter to the company's "land and expand" go-to-market model and broad adoption of its Next-Generation Security Platform.

"Once once more, we have a tendency to grew considerably quicker than the market and our competition," he said.

Palo Alto Networks additionally declared the appointment of Kathy Bonanno because the company's next chief financial officer. She has command senior finance positions at Palo Alto Networks since 2014. Before that, she command senior finance positions at Symantec Corporation and yank Airlines.

"With quite 3 years at Palo Alto Networks and a decade in cybersecurity, [Bonanno] has associate degree intimate information of our company, the trade, and broad experience across finance disciplines, still as a well-tried memoir of building foremost organizations," McLaughlin aforementioned during a statement.

For Q2, Palo Alto Networks is expecting non-GAAP income per share within the vary of seventy eight cents to eighty cents on revenue within the vary of $518 to $528 million.

For the total year 2018, the corporate expects non-GAAP income per share within the vary of $3.35 to $3.41 on revenue within the vary of $2.145 to $2.185 billion.