{"id":85370,"date":"2023-11-16T14:15:00","date_gmt":"2023-11-16T19:15:00","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/palo-alto-posts-strong-earnings-why-the-stock-is-falling\/"},"modified":"2023-11-16T14:15:02","modified_gmt":"2023-11-16T19:15:02","slug":"palo-alto-posts-strong-earnings-why-the-stock-is-falling","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=85370","title":{"rendered":"Palo Alto Posts Strong Earnings. Why the Stock Is Falling."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000802067\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:66.66666666666666%;\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\"><\/div>\n<\/figure><\/div>\n<p>\n        Palo Alto<br \/>\n       Networks shares were trading sharply lower after the security software company posted better-than-expected revenue and profit for the October quarter, but fell short of expectations for billings. <\/p>\n<p>The company also provided guidance for both the January quarter and the July 2024 fiscal year that missed the Street\u2019s estimates on billings.<\/p>\n<div class=\"paywall\">\n<p>The modestly disappointing outlook comes the same afternoon<br \/>\n        Cisco Systems<br \/>\n      \u00a0reported weaker-than-expected January guidance. The two earnings reports are going to raise new concerns about the strength of corporate IT spending.<\/p>\n<p>Palo Alto Networks (ticker: PANW) shares in premarket trading Thursday, the morning after the report, were off 7% at $238.50.<\/p>\n<p>For the July quarter, Palo Alto Networks posted revenue of $1.88 billion, up 20% from a year ago, and above both the company\u2019s guidance range of $1.82 billion to $1.85 billion. It was ahead of consensus at $1.84 billion. <\/p>\n<p>Adjusted profit was $1.38 a share, ahead of both the company\u2019s forecast of $1.15 to $1.17 a share and the Street consensus as tracked by FactSet of $1.16 a share. Under generally accepted accounting principles, the company earned 56 cents a share.<\/p>\n<p>Billings in the quarter, which consists of revenue plus deferred revenue, was $2.02 billion, short of the Street consensus at $2.05 billion to $2.08 billion. The miss suggests some softness in demand for new work.<\/p>\n<p>For the fiscal second quarter ending in January, the company is projecting revenue of $1.955 billion to $1.985 billion, at the midpoint about in line with consensus at $1.97 billion. Palo Alto Networks sees adjusted profit for the quarter of $1.29 to $1.31 a share, a little above consensus at $1.25. Bookings guidance calls for $2.335 billion to $2.385 billion, an increase of 15% to 18%, which is below Street consensus at $2.413 billion.<\/p>\n<p>For the May 2024 fiscal year, Palo Alto Networks is projecting revenue of $8.15 billion to $8.2 billion, at the midpoint slightly below consensus at $8.19 billion, with profit of $5.40 to $5.53 a share, above the Street at $5.32 a share. The company sees full year billings of $10.7 billion to $10.8 billion, up between 16% and 17%, and below consensus at $10.96 billion.<\/p>\n<p>\u201cAn unprecedented level of attacks is fueling strong demand in the cybersecurity market,\u201d Nikesh Arora, chairman and CEO, said in a statement.<\/p>\n<p>Write to Eric J. Savitz at eric.savitz@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/palo-alto-earnings-stock-price-b41cccb9?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Palo Alto Networks shares were trading sharply lower after the security software company posted better-than-expected revenue and profit for the October quarter, but fell short of expectations for billings. The company also provided guidance for both the January quarter and the July 2024 fiscal year that missed the Street\u2019s estimates on billings. The modestly disappointing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":85371,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-85370","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Palo Alto Posts Strong Earnings. 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