Palo Alto Networks stock declines on outlook while quarterly results beat Street
Palo Alto Networks Inc. shares dropped in the extended session Monday after the cybersecurity company’s quarterly earnings-outlook range fell short of the Wall Street consensus, while beating estimates for the previous quarter.
Shares of Palo Alto Networks PANW, -3.16% fell 3.3% after hours, following a 3.2% decline in the regular session to close at $384.45.
Palo Alto Networks forecast adjusted earnings of $1.27 to $1.29 a share on revenue of $1.05 billion to $1.06 billion for the fiscal third quarter, and $5.80 to $5.90 a share on revenue of $4.15 billion to $4.2 billion for the year. Analysts surveyed by FactSet had estimated $1.29 a share on revenue of $1.05 billion for the third quarter, and $5.79 a share on revenue of $4.12 billion for the year.
Meanwhile, the company reported ...