Form 8-K Palo Alto Networks Inc For: Nov 15
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Palo Alto Networks shares drop as billings guidance falls short; Seen as a 'minor speed bump'
November 15, 2023 4:21 PM EST(Updated - November 16, 2023 5:42 AM EST)
Palo Alto Networks (NASDAQ: PANW) shares fell 6% in pre-open Thursday after posting solid first-quarter results but issuing second-quarter and full-year billing guidance below estimates.
The company reported that total revenue for the first quarter grew 20% year-over-year to $1.9 billion, beating the consensus of $1.84 billion. Non-GAAP net income was $1.38, up from $0.83 last year and above the consensus of $1.16.
For the second quarter, the company sees revenue of $1.955-$1.985 billion, versus the consensus of $1.97 billion. However, total billings is seen in the range of $2.335-$2.385 billion, below the... More
