UPDATE 1-Palo Alto Networks posts revenue, profit above Street estimates

(Adds segment revenue, shares, compares with estimates)

Feb 26 (Reuters) - Cyber security company Palo Alto Networks Inc reported higher-than-expected quarterly profit and revenue and gave an upbeat third-quarter forecast, helped by strong growth in its cloud-based security business.

Shares of the company rose 6.1 percent to $179.6 after the bell on Monday.

The company's services revenue, which includes revenue from contract-based subscriptions for its security offerings, surged 34 percent to $340.2 million in the second quarter. The company gets more than half of its total revenue from the services business.

Palo Alto's security services benefited from the series of cyber attacks and ransomware attacks last year such as Equifax and WannaCry.

The company forecast current-quarter revenue of $538 million to $548 million, above analysts' average estimate of $532.7 million, according to Thomson Reuters I/B/E/S.

The company's net loss narrowed to $34.9 million, or 38 cents per share, in the quarter ended Jan. 31, from $60.6 million, or 67 cents per share, a year earlier.

Palo Alto Networks booked a one-time tax benefit of $6.2 million due to changes in the U.S. tax law.

Excluding items, the company earned 86 cents per share, beating the average analyst estimate of 79 cents.

Revenue rose to $542.4 million from $422.6 million. Analysts on average had expected revenue of about $525 million. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Maju Samuel)