Boston, MA 05/01/2014 (wallstreetpr) – Proofpoint Inc (NASDAQ:PFPT) is on fire today as it soared by more than 17% during the opening session of the trade today as it revealed stronger-than-expected first quarter results and complemented it with even better future guidance.
Superior First Quarter Performance
For the reported quarter, Proofpoint Inc (NASDAQ:PFPT)’s revenue jumped 39% to $42.7 million year-over-year and was driven by a 45% increment in its subscription revenue.At the same time, the billings were recorded 33% higher at $46.6 million over the last one year. Both billings and revenue came above the earlier guidance presented by the company. On a geographic basis, the company’s growth momentum was majorly driven by the US market, which recorded revenue growth of 38% year-over-year and contributed 82% of the total revenue this quarter. In the first quarter, the non-GAAP net loss came in at $4.2 million, that is $0.12 per share, which came in higher than the earlier projected guidance range of $0.21-$0.18. The company’s non-GAAP net loss in the previous year’s first quarter was $3.9 million or $0.12 per share. Overall, the results exceeded the average analysts’ estimate of ($0.18) per share earnings on revenue of $40.7 million.
According to Proofpoint Inc (NASDAQ:PFPT)’s CEO, Gary Steele, the first quarter witnessed strength in its complete product line and the company believes that it is well-positioned to expand market share in the long term. Steele added that sales of its Targeted Attack Protection products swelled over 100% in the first quarter over the last one year.
Upward Revision Of Guidance
The financial outlook presented by Proofpoint Inc (NASDAQ:PFPT) is equally optimistic, where, it expects billings to be in the range of $45.5 to $47.5 million in the second quarter denoting a growth of 32% year-over-year. About revenue guidance, the company anticipates revenue to fall in between 43 million to 44 million, which represents 37% growth. Proofpoint has kept the guidance of non-GAAP net loss target at $5 million or in the range of $0.11 to $0.13 per share.
On the basis of the ongoing strength of the business, Proofpoint Inc (NASDAQ:PFPT) also revised its full year guidance, where it expects billing to be in between $207-$209 million from its earlier projection of $203-$205 million. The increased billings guidance apparently led the company to raise its outlook for total revenue of the year from $174.5-$176.5 million to $178-$180 million. The full-year non-GAAP net loss for the year 2014 is projected in between $0.41-$0.46 per share.
