Download our in-depth report: The Ultimate Guide to IT Security Vendors
Palo Alto Networks is continuing to expand its business by displacing incumbent vendors and growing its product portfolio.
Palo Alto reported its first quarter fiscal 2018 earnings on Nov.19, with revenue coming in at $505.5 million for the quarter, representing a 27 percent year-over-year gain. The company however still did not generate profit, instead reporting a net loss for the quarter of $64.0 million, up from a loss of $56.9 million reported in the first quarter of fiscal 2017.
While profitability isn't something that Palo Alto achieved during the quarter, CEO Mark McLaughlin said on his company's earnings call that in the first quarter his company added over 2,500 new customers.
Some of those customers are coming from competitive displacements. McLaughlin noted that during the quarter Palo Alto beat Cisco in a seven-figure deal involving a virtualized data center with a U.S. military organization. Additionally, McLaughlin said that Palo Alto displaced Cisco as the standard security vendor at one of the world's busiest airports based in EMEA. He also called out a pair of competitive wins against Check Point as well including a displacement at one of the world's largest technology companies and one of the world's leading payment processors based in the United States.
In addition to talking about competitive wins, McLaughlin also detailed his company's latest product advancements. In September, Palo Alto announced its GlobalProtect cloud service, providing security services for mobile users and remote offices.
"This offering opens up new use cases for us, help widely distribute organizations improve their security and reduce complexity," he said.
The new Palo Alto Networks Logging Service was also announced in September, providing a cloud platform for storing log information.
Palo Alto also updated some of its existing products during the quarter including its Traps endpoint protection platform. The updated Traps 4.1 release added behavior-based ransomware protection and enhanced kernel exploit prevention capabilities. The Aperture Cloud Access Security Broker (CASB) product was also updated during the quarter.
"As part of the migration to the cloud many organizations are adopting a multi-cloud strategy that includes storing large amounts of data within cloud environments and which requires advanced protection that complement basic native cloud offerings to achieve comprehensive and consistent security," McLaughlin said. " Aperture now provides application protections for several AWS solutions including Amazon EC2, AWS Identity and Access Management and Amazon S3."
Sean Michael Kerner is a senior editor at eSecurityPlanet and InternetNews.com. Follow him on Twitter @TechJournalist.