Palo Alto revenue forecast beats as cyber security spending rises

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The maker of firewalls that prevent data breaches and block malware and viruses also reported better-than-expected fourth-quarter revenue and profit on Wednesday.

The company's shares rose about 6 percent in extended trading.

Palo Alto said it expected an adjusted profit of 31-32 cents per share and revenue of $280 million-$284 million for the current quarter ending October.

Analysts on average were expecting a profit of 31 cents per share and revenue of $269.7 million, according to Thomson Reuters I/B/E/S.

Palo Alto's net loss widened to $46 million, or 55 cents per share, in the fourth quarter ended July 31, from $32.1 million, or 41 cents per share, a year earlier.

Excluding items, the company earned 28 cents per share, beating the average analyst estimate of 25 cents.

Revenue rose 59.3 percent to $283.9 million, above analysts' average estimate of $256.4 million.

(Reporting by Abhirup Roy in Bengaluru; Editing by Sriraj Kalluvila)