Palo Alto Networks stock drops 9% as billings outlook disappoints
The cybersecurity leader reported a revenue increase of 15% to $2.0 billion, surpassing both the analyst consensus of $1.97 billion and the previous year's $1.7 billion. Adjusted earnings per share for the quarter also exceeded expectations at $1.32, compared to the predicted $1.25.
Chairman and CEO Nikesh Arora attributed the strong quarter to customer enthusiasm for the company's platformization strategy, which integrates artificial intelligence into security measures. Looking ahead, Palo Alto Networks provided guidance for the fiscal fourth quarter with an EPS range of $1.40 to $1.42, which brackets the consensus of $1.41. Revenue is projected between $2.15 billion and $2.17 billion, in line with the consensus of $2.16 billion.
For the full fiscal year 2024, the company updated its guidance, forecasting a revenue range of $7.99 billion to $8.01 billion, up from the previous range of $7.95 billion to $8.00 billion, and above the consensus estimate of $7.98 billion.
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