Palo Alto Networks Inc. shares surged in the extended session Monday after the cybersecurity company not only said its forecast, which topped Wall Street estimates, was “prudent” given macroeconomic uncertainty, but also announced a stock split. Palo Alto Networks
shares rallied more than 8% after hours, following a 1.1% decline in the regular session to close at $508.05. The company said its board declared a three-for-one stock split to take effect on Sept. 14.
The company said it expects adjusted earnings of $2.03 to $2.06 a share on revenue of $1.54 billion to $1.56 billion and billings of $1.68 billion to $1.7 billion for the fiscal first quarter, and $9.40 to $9.50 a share on revenue of $6.85 billion to $6.9 billion and billings of $8.95 billion to $9.05 billion for the year. Analysts surveyed by FactSet had forecast $2.03 a share on revenue of $1.54 billion and billings of $1.69 billion for the first quarter, and $9.27 a share on revenue of $6.74 billion and billings of $8.58 billion for the year. And that’s prudently taking into account possible macroeconomic headwinds, Nikesh Arora, chai …