Network security firm Palo Alto Networks (NYSE: PANW) announced on Monday that total revenue for the fiscal second quarter ended January 31, 2015 grew 54 percent year-over-year to a record $217.7 million. That number compares with $141.1 million in revenue during the same period last year.
GAAP net loss for the fiscal second quarter was $43.0 million, or $0.53 per diluted share, the company said, compared with a net loss of $39.9 million, or $0.55 per diluted share, in the fiscal second quarter 2014.
The company recorded fiscal second quarter non-GAAP net income of $16.9 million, or $0.19 per diluted share, compared with non-GAAP net income of $7.8 million, or $0.10 per diluted share, in the fiscal second quarter 2014.
“New customer additions and expansion in existing customers resulted in record billings, revenue and deferred revenue in the second quarter,” said Steffan Tomlinson, chief financial officer of Palo Alto Networks. “With approximately 47 percent of total revenue coming from recurring services, our hybrid SaaS-revenue model and ramping economies of scale continue to drive leverage in the business, resulting in sequential and year-over-year expansion in non-GAAP gross margin, non-GAAP operating margin and cash flow from operations.”
The fast growing security firm also provided guidance for the fiscal third quarter 2015, saying that it expects total revenue in the range of $219 to $223 million, representing year-over-year growth between 45 percent and 48 percent, and diluted non-GAAP earnings per share in the range of $0.19 to $0.20 using 87 to 89 million shares.
Shares of Palo Alto Networks closed at $145.98 per share at market close on Monday, giving the company a valuation of roughly $11.5 billion. When the company went public in July 2012 it was valued at roughly $2.8 billion.