Palo Alto shares are up 54% year-to-date and investors continue to be optimistic about the company’s growth. The company is a leader in the cybersecurity business. Its firewalls and cloud-based services are in great demand in the modern era of business computing.
In the third quarter revenue grew 31% to $567.1 million. Product revenue grew 30% to $215.2 million, subscription revenue was up 38% to $192.5 million, and support revenue increased 25% to $159.4 million.
The company which acquired public cloud services infrastructure protection company evident.io for $300 million and Israel-based Secdo earlier this year is expected to continue with its acquisitions.