Palo Alto Networks Q3 Results Top Estimates

(RTTNews) - Palo Alto Networks, Inc. (PANW) reported a net loss for the third quarter of $139.1 million or $1.86 per share, compared with a net loss of $7.3 million or $0.10 per share for the year-ago quarter.

Excluding items, adjusted net income for the third quarter was $8.7 million, or $0.11 per share, compared to $5.3 million or $0.07 per share in the fiscal prior year quarter.

Total revenue for the third quarter rose 49% to a record $150.7 million from $101.3 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.10 per share on revenue of |$146.22 million for the third quarter. Analysts' estimates typically exclude special items.

The company also said it has reached a settlement with Juniper Networks, Inc. (JNPR) the terms of which provide that both parties will dismiss all litigation; both parties will license the patents at issue in all outstanding suits to each other for the life of the patents; both parties will also enter into a covenant not to sue each other for patent infringement for eight years; and Palo Alto Networks will pay Juniper Networks a one-time settlement amount of approximately $175 million, consisting of $75 million in cash, approximately $70 million in shares of common stock and a warrant to purchase approximately $30 million of common stock.