PANW Jun 2024 310.000 call

Palo Alto Networks falls on disappointing billings guidance

Palo Alto Networks (PANW) reported fiscal third quarter results that topped Wall Street estimates but a disappointing billings forecast.  For Q3, the cybersecurity company reported adjusted earnings per share of $1.32 compared to an estimated $1.26. Revenue of $2.0 billion was slightly better than the expectations of $1.97 billion. For the full year, Palo Alto Networks sees billings of $10.13 billion to $10.18 billion, a narrower range than the previously forecasted $10.10 billion to $10.20 billion and short of the $10.19 billion estimate. The company sees adjusted earnings per share of $5.56 to $5.58. Full-year revenue is estimated to be $7.99 billion to $8.01 billion, an increase from the prior guidance of $7.95 billion to $8.00 billion, and better than the $7.98 billion estimate. Yahoo Finance's Julie Hyman and Jared Blikre break down Palo Alto Network's Q3 results. For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime. This post was written by Stephanie Mikulich.