Palo Alto Results Top Estimates; Acquires CirroSecure

(RTTNews) - Palo Alto Networks Inc (PANW), a provider of enterprise security platform, on Wednesday reported third-quarter net loss of $45.9 million or $0.56 per share compared with a loss of $146.6 million or $1.96 per share last year.

Excluding stock-based compensation expense, litigation charges and other one-time items, adjusted earnings for the quarter were $0.23 per share compared with earnings of $0.11 per share a year ago.

Revenues for the quarter were higher at $234.2 million compared with $150.7 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.20 per share on revenues of $223.2 million for the quarter. Analysts' estimates typically exclude special items.

For the fourth quarter, the company expects adjusted earnings of $0.24 to $0.25 per share on revenues of $252 million to $256 million. Analysts expect earnings of $0.24 per share on revenues of $247.7 million.

Separately, Palo Alto said it has acquired CirroSecure, a Silicon Valley-based company with a highly differentiated approach to securing Software as a Service (SaaS) applications. The financial terms of the deal were not disclosed.