Palo Alto

Palo Alto Networks’ (NASDAQ:PANW) third-quarter fiscal year 2024 financial results bested market expectations, but stocks sunk during post-market trading on lowered billings’ guidance. The Santa Clara, Calif.-based cybersecurity company tumbled 8% after its latest financial results and outlook was issued after the market closed on Monday. For the quarter, Palo Alto reported non-GAAP earnings per share of $1.32 versus the consensus of $1.25 and total revenue of $2B versus the consensus of $1.97B. Looking ahead, Palo Alto Networks expects fourth quarter earnings per share of $1.40 to $1.42, which is nearly in-line with the estimate of $1.42. Total revenue expectations for the quarter range from $2.15B to $2.17B, which is also close to the estimate of $2.17B. Billings for fiscal year 2024 are now expected to range from $10.13B to $10.18B, which represents year-over-year growth of 10% to 11%. In February, the company lowered its full-year revenue and slashed its FY24E billings guide […]