Proofpoint Inc. (NASDAQ: PFPT) was up 31.47% at $173.25 during prior-hour trading today. At the last session’s close, Proofpoint stock closed at $131.78, a 1.3% gain. On Friday, shares of the PFPT stock fluctuated between $130.99 and $132.45. Following the release of its financials today, PFPT stock has surged.
How PFPT performed in the quarter?
Proofpoint offers cybersecurity and compliance solutions that cover organizations’ most valuable assets and biggest threats: their people. By providing businesses around the world with a suite of cloud-based security solutions, PFPT makes their users more resilient against cyber criminals, stopping targeted threats and safeguarding their data. PFPT provides security and compliance solutions that mitigate the most critical risks across email, the cloud, social media, and the web for leading organizations of all sizes, including half of the Fortune 1000.
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This morning, Proofpoint announced its first-quarter financial results, which ended March 31, 2021.
Financial Highlights:
- Total revenue for PFPT was $287.8 million in the first quarter of 2021, which represents 15% growth over $249.8 million in the first quarter of 2020.
- For the first quarter of 2021, PFPT’s total billings were $276.7 million, up 16% from $238.0 million for the first quarter of 2020.
- Compared to $180.8 million for the first quarter of 2020, GAAP gross profit of PFPT for the first quarter of 2021 was $214.3 million.
- Gross margin for the first quarter of 2021 was 74%, compared to 72% a year earlier.
- A GAAP net loss of -$45.3 million, or -$0.79 per share, was recorded by PFPT for the first quarter of 2021, based on weighted average shares outstanding of 57.3 million.
- By March 31st of 2021, Proofpoint (PFPT) had $882.6 million in cash and cash equivalents.
- Stock repurchases by PFPT, during the first quarter of 2021, totaled approximately 209,000 shares at an average price of $124.87 per share.