Since coming public in July of 2012, Palo Alto Networks Inc. (NYSE: PANW) has had its ups and downs. Shares came public at $42 and climbed to more than $72 within a few months before beginning a slide brought on by a tough selling environment and increased competition. The stock posted its all-time high of $74.28 last Friday. It took a long time to get those last couple of bucks.

The company reported second-quarter fiscal 2014 adjusted diluted earnings per share (EPS) of $0.10 on revenue of $141.1 million. In the same period a year ago, the network security company reported EPS of $0.05 on revenue of $96.5 million. Quarterly results also compare to the Thomson Reuters consensus estimates for EPS of $0.09 and $135.63 million in revenue.

On a GAAP basis, the company posted an EPS loss of $0.55, compared with a loss of $0.04 in the same quarter a year ago. Adjusted earnings excluded the effect of a share-based compensation expense of $21 million in the first quarter, compared with a similar charge of $8.75 million in the year ago quarter, and a $20 million claims payment.

The company’s CEO said:

Enterprises around the world are accelerating their investments in security to enable them to improve their business and protect them against the risks stemming from cyber attacks.

The company did not publish any guidance, but consensus estimates for the third quarter call for EPS of $0.11 on revenues of $142.01 million. For the full fiscal year, EPS is expected to come in at $0.42 on revenues of $560.01 million.

While Palo Alto Networks is not exactly struggling, neither is it making the splash that many investors believed it would when it launched its IPO. Sequential growth in the second quarter was the slowest since the company came public.

Shares were trading up about 5.6% in Monday’s premarket at $77.75, well above the 52-week range of $39.08 to $77.28. Thomson Reuters had a consensus analyst price target of around $64.10 before these results were announced.

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