Posted 2/20/2024, 10:23:00 PM
Palo Alto Networks Shares Plunge 20% As Cloud Transition Weighs on Earnings Guidance
- Palo Alto Networks reported fiscal Q2 earnings that beat views, but issued weak guidance causing shares to tumble nearly 20% after hours
- Q2 earnings rose 39% to $1.46 per share on 19% revenue growth to $2 billion
- Billings growth and full-year 2024 guidance missed analyst estimates
- Sales slowing for legacy firewall products, but growth in cloud security services
- Palo Alto has built a broad cloud security platform through acquisitions