PFPT - Proofpoint shares see red despite Q3 beats raised full-year outlook

Proofpoint (PFPT) reported Q3 beats after the bell yesterday with revenue up 17% Y/Y to $266.7M ($5.29M above consensus) and EPS of $0.59 ($0.20 above consensus).Billings were up 6% Y/Y to $294.4M vs. the $277.8M consensus.Operating cash flow totaled $86M with FCF of $64.6M.Gross margin was 81% vs. the 80.1% consensus and 80% in last year's quarter.“We were pleased to exceed our guidance on all metrics in the third quarter as we continue to execute well against our updated 2020 operating plan by driving attractive growth and profitability through a challenging economic environment. Our strong free cash flow generation for the quarter was driven by strong cash collections as a result of exceptional billings linearity during the quarter, and serves as a clear reminder of the operating leverage intrinsic to our business model," says CFO Paul Auvil.For Q4, Proofpoint sees $268.0M-270.0M in revenue (consensus: $267.2M), 80% gross margin, EPS of $0.41-0.44 (consensus: $0.39), and FCF of

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Proofpoint shares see red despite Q3 beats, raised full-year outlook