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Cybersecurity company Palo Alto Networks posts 28% turnover increase

(Reuters) – Cybersecurity company Palo Alto Networks Inc reported a 28% jump in quarterly revenue on Wednesday, boosted by the strong growth in the cloud security business.

The net loss narrowed to $20.2 million, or 21 cents per share, in the third quarter, ending on 30 April from € 40.4 million, or 44 cents per share, a year earlier.

The total turnover rose to $726.6 million from $567.1 million.

Separately, the company said it would buy Israel-based cybersecurity companies twist-lock for $410 million in cash and PureSec for an undisclosed amount.

Reporting by Akanksha Rana in Bengaluru; Editing by Sriraj Kalluvila

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