Palo Alto Networks Lowers Fiscal Year Revenue Outlook to $7.95B-$8B Amid Tech Spending Fatigue
• Palo Alto Networks cut its revenue forecast for the fiscal year, now projecting $7.95B-$8B compared to previous guidance of up to $8.2B • The lowered forecast sparked concerns that customers are reducing tech spending due to "spending fatigue" • The company maintained its outlook for earnings and free cash flow for fiscal 2024 • Palo Alto Networks posted Q2 revenue of $1.98B, up 19% year-over-year, with product revenue growing more slowly than services • Billings guidance was reduced to up to $10.2B compared to the previous range of up to $10.8B