NEW YORK (TheStreet) -- Shares of Palo Alto Networks Inc. (PANW) are surging in after-hours trading, up 10.78% to $77.00, after the company announced financial results for its fiscal third quarter of 2014 ended April 30.
Total revenue for the fiscal third quarter increased 49% percent year-over-year to a record $150.7 million, compared with $101.3 million in the fiscal third quarter of 2013.
GAAP net loss for the fiscal third quarter was $139.1 million, or $1.86 per diluted share, compared with a net loss of $7.3 million, or 10 cents per diluted share, in the fiscal third quarter of 2013.
Palo Alto Networks recorded fiscal third quarter non-GAAP net income of $8.7 million, or 11 cents per diluted share, compared with non-GAAP net income of $5.3 million, or 7 cents per diluted share, in the fiscal third quarter of 2013.
Separately, the company said it reached a settlement with Juniper Networks (JNPR) that resolved litigation between the two.
Palo Alto Networks will pay Juniper Networks a one-time settlement amount of about $175 million, including $75 million in cash, and approximately $70 million in shares of common stock and a warrant to purchase approximately $30 million of common stock.
TheStreet Ratings team rates PALO ALTO NETWORKS INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation: