Palo Alto Networks 1st-qtr revenue up 50 pct, beats Street view

Thu Dec 6, 2012 4:26pm EST

Dec 6 (Reuters) - Security software maker Palo Alto Networks , which went public in July, reported a 50 percent rise in first-quarter revenue, beating Wall Street expectations, on the back of continued demand for security software.

Palo Alto Networks, which sells firewalls that prevent data breaches and block malware and viruses, said on Thursday that revenue was $85.9 million in the quarter, which ended Oct 31.

It said net income was $2.6 million, or 4 cents per share.

Analysts, on average, had expected the company to report earnings per share of 3 cents on revenue of $83.7 million