Cyber security firm Palo Alto's quarterly revenue jumps 41 percent

Reuters News
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Posted: Aug 30, 2016 4:17 PM

(Reuters) - Palo Alto Networks Inc's quarterly revenue jumped 41 percent as spending by companies and governments on cyber security stayed strong after a spate of major attacks in the past few years.

Palo Alto also said its board had authorized a share buyback of up to $500 million.

The company's net loss widened to $54.5 million, or 61 cents per share, in the fourth quarter ended July 31 from $46 million, or 55 cents per share, a year earlier.

Revenue jumped to $400.8 million from $283.9 million.

The company's shares rose 2.5 percent to $147 in extended trading on Tuesday.

(Reporting by Aishwarya Venugopal and Supantha Mukherjee in Bengaluru; Editing by Kirti Pandey)