NEW YORK (TheStreet) -- Palo Alto Networks (PANW) - Get Report shares are rising 0.4% to $172.02 in after-hours trading on Monday following the company's first quarter 2016 earnings results reported today after the market closed.
For the latest quarter ended October 31, the company earned 35 cents a share on revenue of $297.2 million.
Wall Street analysts had forecast the company to earn 32 cents a share on revenue of $284.4 million.
In the same period the year before, the company earned 15 cents a share on revenue of $192.3 million.
"We reported record revenue in the fiscal first quarter as robust new customer acquisition and expansion within our existing customer base drove strong demand for our appliances and subscription services," CFO Steffan Tomlinson stated.
The company's latest financial results grew year-over-year as sales were helped by companies and governments spending more to protect themselves from cyber attacks, Reuters reports.
Looking ahead, the company forecasts second quarter 2016 profit to be between the range of 38 cents a share to 39 cents a share and sales to come in between $314 to $318 million.
Based in Santa Clara, CA, Palo Alto Networks provides enterprise security platform to enterprises, service providers, and government entities worldwide.
Separately, TheStreet Ratings team rates PALO ALTO NETWORKS INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
We rate PALO ALTO NETWORKS INC (PANW) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been unimpressive growth in net income over time.
You can view the full analysis from the report here: PANW