RTTNews | May 21, 2021 10:15AM EDT

10:15 Friday, May 21, 2021 (RTTNews.com) - Shares of Palo Alto Networks, Inc. (PANW) are up more than 5% Friday morning.

Thursday, the cyber security company reported better-than-expected third-quarter results, following which, the stock gapped-up more than 5% this morning at $361.89. Currently the stock is at $362.01. It has traded in the range of $217.48- $403 in the last one year.

Palo Alto reported net loss of $145.1 million, or $1.50 per share in the third quarter compared with net loss of $74.8 million, or $0.77 per share a year ago.

Excluding items, earnings were $1.38 per share, that beat the average estimate of analysts polled by Thomson Reuters at $1.28 per share.

Revenue for the quarter grew 24% year over year to $1.1 billion.

Looking forward, the company sees fourth quarter revenue in the range of $1.165 billion to $1.175 billion and adjusted EPS in the range of $1.42 to $1.44. Analysts expect the company to report earnings of $1.42 per share on revenue of $1.16 billion.

For the full-year, the company has raised its guidance.

Full-year revenue is expected in the range of $4.20 billion to $4.21 billion and adjusted EPS to be in the range of $5.97 to $5.99. The consensus estimate for earnings is at $5.88 per share and for revenue is at $4.18 billion.

"The work-from-home shift earlier in the year and recent cybersecurity issues have increased the focus on security. Coupled with good execution, this has driven great strength across our business, with Q3 billings growth accelerating to 27% year over year. In particular, we saw a number of customers make large commitments to Palo Alto Networks across our three major platforms," said Nikesh Arora, chairman and CEO of Palo Alto Networks.

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