Palo Alto Networks Inc.'s (PANW) fiscal fourth-quarter loss narrowed as the network security firm's revenue strengthened.
The company, which went public in July, makes hardware and software that provides computer-network security. Its products are used to replace older systems operated by companies or government agencies, and the company said it reduces expenses for its customers by simplifying network-security systems.
For the quarter ended July 31, Palo Alto reported a loss of $4.6 million, or 18 cents a share, compared with a year-earlier loss of $6 million, or 40 cents a share. Excluding stock-based compensation, earnings were three cents a share compared with a year-earlier loss of 34 cents a share. Revenue climbed 88% to $75.6 million.
** charts before earnings **
Analysts polled by Thomson Reuters projected earnings to break even on a per-share basis, and revenue of $71 million.
Gross margin eased to 71.5% from 71.8%. Operating expenses were up 70%.
Product revenue, which makes up the bulk of its top line, jumped 70% while services revenue more than doubled.
The company added more than 1,000 new end customers in quarter, bringing its customer base to more than 9,000.
Shares slipped 7.1% after hours. Through the close, the stock has jumped 71% since its IPO price of $42.
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