Palo Alto Networks Inc. shares were tumbling in Tuesday’s extended session after the cybersecurity company came up short with its forecasts for the current quarter and trimmed its full-year revenue outlook. The company models fiscal third-quarter revenue of $1.95 billion to $1.98 billion along with $2.30 billion to $2.35 billion in billings, a metric that takes into account deferred revenue. The FactSet consensus was for $2.04 billion in revenue and $2.62 billion in billings.
Palo Alto Networks
PANW,
-0.09%
also projects $1.24 to $1.26 in adjusted earnings per share, while analysts were expecting $1.29. The stock was down 14% in after-hours trading Tuesday. The company also took down its full-year forecast, which now calls for $10.1 billion to $10.2 billion in total billings as well as $7.95 billion to $8.00 billion in total revenue. Palo Alto Network’s earlier forecast was for $10.7 billion to $10.8 billion in billings and $8.15 billion to $8.20 billion in total revenue. Chief Financial Officer Dipak Golechha said in a release that Palo Alto Networks was maintaining its free-cash-flow and adjusted EPS fore …
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Palo Alto Networks
PANW,
-0.09%
also projects $1.24 to $1.26 in adjusted earnings per share, while analysts were expecting $1.29. The stock was down 14% in after-hours trading Tuesday. The company also took down its full-year forecast, which now calls for $10.1 billion to $10.2 billion in total billings as well as $7.95 billion to $8.00 billion in total revenue. Palo Alto Network’s earlier forecast was for $10.7 billion to $10.8 billion in billings and $8.15 billion to $8.20 billion in total revenue. Chief Financial Officer Dipak Golechha said in a release that Palo Alto Networks was maintaining its free-cash-flow and adjusted EPS fore …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]