Proofpoint (PFPT) once again reported another strong quarter with almost all metrics coming in ahead of consensus expectations. While the stock popped ~3% the day after earnings, it is now trading down ~5% from its recent post-earnings high. Revenue grew an impressive 25% with billings growing 17%, both coming in ahead of management’s previous expectations and consensus estimates.
Despite the strong quarter, management only raised full year guidance by a similar amount as the Q2 beat, which could mean guidance remains somewhat conservative, and we could see another beat in Q3 and the full year.