Palo Alto Networks Tanks on Sales Miss

NEW YORK ( TheStreet) -- Palo Alto Networks ( PANW) tanked more than 14% to $46.76 in after-hours trading after the business-technology provider missed quarterly sales estimates and swung to a loss, amid a "tough macroeconomic environment."

Palo Alto Networks posted net loss of $7.3 million, or 10 cents a share for the fiscal third quarter ended April 30, compared with income of less than $1 million or breakeven per share in the same period a year ago. Revenue grew 54% year-over-year to $101.3 million, falling short of the average analyst estimate of $103.46 million.

Third quarter adjusted earnings came in at 6 cents a share, down from 7 cents a share the prior year, but beat estimates by a penny.

The company said despite a tough macroeconomic environment, Palo Alto Networks added over 1,000 new customers for the sixth consecutive quarter.

"In our fiscal third quarter, we continued to gain market share, rapidly acquire new customers and extend our penetration within existing customers," CEO Mark McLaughlin said in a statement.

Written by Andrea Tse in New York

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