Palo Alto Networks' third quarter outlook missed expectations and the company said it saw "some execution challenges" that hurt the second quarter results.
The security company reported a second quarter net loss of $60.6 million, or 67 cents a share, on revenue of $422.6 million, up 26 percent from a year ago. Non-GAAP earnings were 63 cents a share in the second quarter.
Wall Street was looking for non-GAAP second quarter earnings of 63 cents a share on revenue of $429.7 million.
CEO Mark McLaughlin said in a statement that "we were disappointed that we came in below top-line expectations due to some execution challenges, which we are moving quickly to address."
As for the outlook, Palo Alto Networks said it expected non-GAAP earnings for the third quarter to be 54 cents a share to 56 cents a share including a 4 cents a share for the acquisition of LightCyber. Revenue for the third quarter will be between $406 million to $416 million, up 17 percent to 20 percent from a year ago.
Wall Street analysts were expecting third quarter non-GAAP earnings of 70 cents a share on revenue of $454.6 million.
Palo Alto launched its next generation security platform during the second quarter. The company also said it will increase its share buyback program by $500 million to a total of $1 billion.
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