Palo Alto sees 20% YoY growth

Palo Alto Networks who recently acquired SD-WAN provider GloudGenix announced 20% year over year growth for their Fiscal Q3 coming in at $869.4 million. Palo Alto Networks is nearing the $1billion quarterly threshold on strong product performance and seizing the remote work trends driven by COVID-19.

“The last month of this quarter saw the majority of the world under lockdown. To be able to deliver these results in this time is a testament to the strength of our team and our partner ecosystem,” said Palo Alto Networks Chairman and CEO Nikesh Arora, on Thursday’s earnings call.

CloudGenix appears to be a major portion of the larger Palo Alto strategy and the company plans on supporting customers on both platforms. In their entirety, SaaS revenue grew 37% and 68% of total revenue is now subscription based.

Palo Alto appears poised to continue to lead the pack and while the pandemic stays top of mind, Palo Alto expects to weather the storm but may see some issues with cost cutting in the enterprise – especially around cyber security. The organization still anticipates strong Q4 growth with the possibility of reaching $925 million on the top end of their guidance.

Arora ended the call stating, ““Our goal is to leverage our advantage and come through this unprecedented event even stronger and more resilient than before…”