Posted 2/20/2024, 9:29:00 PM
Palo Alto Networks Shares Plunge 21% as Earnings Miss, Transition Woes Weigh on Outlook
- Palo Alto Networks shares tumbled 21% after the company's latest earnings report fell short of forecasts
- The company lowered its full-year revenue and billings guidance as it transitions customers to its platform
- Q2 revenue was $1.98B, up from $1.66B a year ago, but billings missed expectations
- Palo Alto Networks is trying to become a cybersecurity platform like ServiceNow and Workday
- The transition is proving difficult as customers adjust, hurting the company's short-term financial outlook