(Palo Alto) Global cybersecurity firm Palo Alto raised its guidance for 2022, as it managed to narrow losses in the third quarter of the fiscal year.
The third-quarter net loss stood at $73.2 million, reflecting an improvement from the $145.1-million net loss in the same quarter in 2021. Diluted net loss per share fell to $0.74 from $1.50 the previous year.
Total revenue for the quarter grew to $1.386 billion from $1.073 billion the previous fiscal year. Product revenue increased to $351.5 million from $289.9 million, and subscription and support revenue to $1.035 billion from $785 million.
Palo Alto expects total billings for the fourth quarter to be between $2.32 billion and $2.35 billion and total revenue between $2.5 billion and $1.55 billion. Diluted net income per share is projected to fall between $2.26 and $2.29.
The company has raised its fiscal year 2022 total billings to be in the range of $7.106 billion to $7.136 billion, and revenue between $5.481 billion to $5.501 billion. Diluted net income per share is expected to be between $7.43 to $7.46.
Chief Financial Officer Dipak Golechha said the firm expects to continue growing as it closes out the fiscal year.
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