Press release
Palo Alto Networks Reports Fiscal Third Quarter 2020 Financial Results
- Fiscal third quarter revenue grows 20% year over year to $869.4 million - Billings increase 24% year over year to $1.0 billion - Deferred revenue grows 28%
About this update from Palo Alto Networks, Inc.
[{"type":"text","content":"- Fiscal third quarter revenue grows 20% year over year to $869.4 million\n - Billings increase 24% year over year to $1.0 billion\n - Deferred revenue grows 28% year over year to $3.4 billion\n\n\nSANTA CLARA, Calif., May 21, 2020 /PRNewswire/ -- Palo Alto Networks (NYSE: PANW), the global cybersecurity leader, announced today financial results for its fiscal third quarter 2020, ended April 30, 2020.\nTotal revenue for the fiscal third quarter 2020 grew 20% year over year to $869.4 million, compared with total revenue of $726.6 million for the fiscal third quarter 2019. GAAP net loss for the fiscal third quarter 2020 was $74.8 million, or $0.77 per diluted share, compared with GAAP net loss of $20.2 million, or $0.21 per diluted share, for the fiscal third quarter 2019.\nNon-GAAP net income for the fiscal third quarter 2020 was $114.6 million, or $1.17 per diluted share, compared with non-GAAP net income of $130.1 million, or $1.31 per diluted share, for the fiscal third quarter 2019. A reconciliation between GAAP and non-GAAP information is contained in the tables below.\n\"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,\" said Nikesh Arora, chairman and CEO of Palo Alto Networks. \"Palo Alto Networks is well positioned to leverage the acceleration of these trends, with our significant and ongoing investments to transform our company into a multi-product, integrated platform provider of cybersecurity solutions. As our performance this quarter demonstrates, we are entering this transition in a position of strength, and while the path might be bumpy, we believe we will emerge stronger as we continue providing the best security solutions for our customers.\"\nFinancial OutlookPalo Alto Networks provides guidance based on current market conditions and expectations.\nFor the fiscal fourth quarter 2020, we expect:\nTotal billings in the range of $1.190 billion to $1.210 billion, representing year-over-year growth of between 13% and 14%. Total revenue in the range of $915 million to $925 million, representing year-over-year growth between 14% and 15%. Diluted non-GAAP net income per share in ...