Admin Reporter- POOJA1

Feb 23 2021


Palo Alto Networks posts first $1 billion sales quarter

Tuesday, 23 February 2021

Sales jumped 25% to $1.02 billion in the period ended Jan. 31, the biggest year-over-year increase in seven quarters, according to data compiled by Bloomberg. The company’s results failed to live up to some investor expectations after a rally that sent the stock up 38% since Palo Alto Networks’ last earnings report in November. The shares fell as much as 5.8% in postmarket extended trading, before paring losses.

 

 

 

 

 

The company said the malicious attack -- which compromised popular software from Texas-based SolarWinds Corp. -- has shaken clients and forced company boards to reconsider their cybersecurity posture, serving as a sales catalyst for security platforms.

“Every board out there is doing their cyber assessments to make sure they won’t be breached in the future,” said Nikesh Arora, chairman and chief executive officer of Palo Alto Networks. “What we’re noticing is a rethinking of the cybersecurity architecture.”

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