Palo Alto Networks, the global cybersecurity leader, announced today financial results for its fiscal third quarter 2018, ended April 30, 2018.
Total revenue for the fiscal third quarter 2018 grew 31 percent year over year to $567.1 million, compared with total revenue of $431.8 million for the fiscal third quarter 2017. GAAP net loss for the fiscal third quarter 2018 was $46.7 million, or $0.51 per diluted share, compared with GAAP net loss of $60.9 million, or $0.67 per diluted share, for the fiscal third quarter 2017.
Non-GAAP net income for the fiscal third quarter 2018 was $95.1 million, or $0.99 per diluted share, compared with non-GAAP net income of $57.1 million, or $0.61 per diluted share, for the fiscal third quarter 2017. A reconciliation between GAAP and non-GAAP information is contained in the tables below.
In a separate news release issued on June 1, 2018, the Company announced the appointment of Nikesh Arora as chief executive officer and chairman and Mark McLaughlin as vice chairman effective June 6, 2018.
"We delivered strong fiscal third quarter results with record revenue, deferred revenue and billings, while continuing to capture market share at rates that far outpace the competition," said Mark McLaughlin, chief executive officer of Palo Alto Networks. "Our Security Operating Platform utilizes software, the cloud and analytics to deliver increasingly better prevention through automation and ecosystem leverage, while dramatically reducing the complexity of the consumption model for customers."
"We drove market-leading top-line results through robust new customer acquisition and lifetime value expansion in the third quarter," said Kathy Bonanno, chief financial officer of Palo Alto Networks. "We also delivered continued leverage in our operating model and generated strong cash flow, ending the quarter with cash, cash equivalents and investments of $2.2 billion."