Cybersecurity
Palo Alto Networks Posts First $1 Billion Sales Quarter
- Suspected Russian cyber-attack has shaken clients, CEO says
- ‘Every board out there is doing their cyber assessments’
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Palo Alto Networks Inc. reported its first $1 billion quarter of revenue as clients flocked to bolster network defenses in the aftermath of a sophisticated cyber-attack by suspected Russian hackers that exposed vulnerabilities across software supply chains.
Sales jumped 25% to $1.02 billion in the period ended Jan. 31, the biggest year-over-year increase in seven quarters, according to data compiled by Bloomberg. The company’s results failed to live up to some investor expectations after a rally that sent the stock up 38% since Palo Alto Networks’ last earnings report in November. The shares fell as much as 5.8% in postmarket extended trading, before paring losses.