September 4, 2019 / 8:28 PM / 2 months ago

Palo Alto beats revenue on strength of cloud security business

Sept 4 (Reuters) - Cybersecurity firm Palo Alto Networks reported better-than-expected quarterly revenue on Wednesday, helped by strong demand in its cloud security business.

Separately, the company said it will acquire Zingbox, an IoT security provider, for $75 million in cash.

Total revenue rose 22.4% to $805.8 million in the fourth quarter ended July 31. Analysts were expecting $802.4 million, according to IBES data from Refinitiv.

The company reported a net loss of $20.8 million, or 22 cents per share, compared to a profit of $7 million, or 7 cents per share, a year earlier. (Reporting by Ayanti Bera in Bengaluru; Editing by Shailesh Kuber)

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