Palo Alto Networks (PANW) Tops Q3 EPS by 1c

Palo Alto Networks (NYSE: PANW) reported Q3 EPS of $0.11, $0.01 better than the analyst estimate of $0.10. Revenue for the quarter came in at $150.7 million versus the consensus estimate of $146.13 million.

Billings grow 46 percent year-over-year to a record $193.9 million

"We reported record revenue in our third quarter driven by strong customer demand for our next-generation enterprise security platform. We achieved the highest rate of new customer acquisition in our history and now serve more than 17,000 customers globally to address their security needs and prevent increasingly sophisticated and complex cyber attacks from compromising an organization's critical assets," said Mark McLaughlin, president and chief executive officer of Palo Alto Networks. "We also announced this afternoon that we have reached a settlement with Juniper Networks of all litigation matters between us; this allows us to further focus our resources and time on our customers and growing our business."

"Year-over-year revenue growth of 49 percent was driven by our land, expand and retain model, as product, recurring subscription and support revenue all delivered substantial growth," said Steffan Tomlinson, chief financial officer of Palo Alto Networks. "Additionally, we continue to demonstrate the power of our hybrid SaaS model as gross margin and operating margin improved sequentially, and we generated $28.4 million of free cash flow in the quarter, bringing our fiscal year to date total to $83.2 million."

For earnings history and earnings-related data on Palo Alto Networks (PANW) click here.

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