Palo Alto Networks Posts First $1B+ Sales Quarter
The cybersecurity software giant Palo Alto Networks has posted its financial results for its most recent quarter and revealed that it topped $1 billion in quarterly sales for the first time in its history. The company posted exactly $1.02 billion in revenue for its fiscal 2021 second quarter, a record for the company.
Palo Alto Networks grew its quarterly revenue over the year from $816 million to $1 billion. Though, the company’s quarterly loss also grew from $73.7 million to $142.3 million over the same period. The quarterly loss amounts to $1.48 per diluted share of Palo Alto Networks, as compared to $0.75 per diluted share in the same quarter last year.
With rising sales, Palo Alto Networks has now raised its revenue guidance for its fiscal year 2021. It now expects annual revenues of between $4.15 billion to $4.2 billion, representing year-over-year growth of between 22% and 23%.
On the news of its earnings reports, Palo Alto Networks saw its shares slip down a bit despite posting record sales. It closed trading on Monday at $384.35 per share and with a market value of $37.2 billion.