Palo Alto Networks CEO Mark McLaughlin says the security vendor is stealing market share from all its main rivals after recording another quarterly revenue surge.
The New York-listed vendor claimed it added another 2,000 customers in its second quarter ending 31 January as revenues powered up 54 per cent year on year to $335m (£239m). It said this included direct wins from McAfee [Intel Security], Check Point and Cisco.
On a Q2 conference call, McLaughlin (pictured) said it was evident from the results that Palo Alto is capturing market share at "very high rates as we become the primary go-to security partner for enterprises globally".
When asked to expand on Palo Alto's gains, McLaughlin said that based on his own research, Palo and its four closest rivals – Cisco, Check Point, Fortinet and Juniper – added a collective $300m of new revenue in their last calendar reported quarter.
"And inside that, Palo Alto is about $120m," he said. "The average is roughly $58m, if you do the maths.... I think it's very obvious that we're taking share from everybody in the space in order for those kinds of numbers to work out that way."
Palo remains a US-centric outfit, however, with 68 per cent of Q2 sales coming from the Americas and just 19 per cent from EMEA.
Recurring revenues rose 62 per cent to $164.8m. Of that, SaaS-based subscription revenue rose 68 per cent to $84.3m, while support and maintenance revenue rose 55 per cent to $80.5m.
Despite acknowledging concerns in the macroeconomic environment, McLaughlin predicted there would be no let-up in security spending in 2016.
"While we do, of course, monitor that closely, some observations early in the quarter are that our customers continue to indicate that security is a strategic issue and hence a priority spend category in calendar 2016," he said on the conference call, a transcript of which can be found here.
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