Posted 2/21/2024, 11:30:35 PM
Palo Alto Networks Beats Q2 Earnings Estimates But Issues Weak Forecast Amid Spending Fatigue
- Palo Alto Networks beat earnings estimates but issued disappointing forward guidance and its CEO noticed "spending fatigue" among customers
- Revenue grew 19% year-over-year to $1.975 billion in Q2 2024, beating estimates by $10 million
- EPS of $1.46 beat estimates of $1.30, but forward guidance falls short of analyst forecasts
- Piper Sandler downgraded PANW from Overweight to Neutral on persistent “investor consternation”
- Despite 26 Buys and a $391 price target, cautious guidance outweighs decent quarterly results