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PFPT - Proofpoint - Buy On Weakness; Solid Quarter And Upbeat Outlook
Proofpoint Inc.
Proofpoint (PFPT) reported 2Q results that were better than expected on most relevant metrics, including revenue, EPS, gross and operating margins, and cash flow. Revenue of $258.4 million was ahead of consensus estimate by $5.0 million or about a 2% beat. According to CFO Paul Auvil, "revenue for the quarter benefited from approximately $3 million of accelerated revenue under ASC 606, it was not expected at the time that we provided guidance in May, driven by the sale of solutions that were deployed on-premises by our customers and hence, triggering the requirement to