Cybersecurity
Palo Alto Networks Plunges by Most Ever After Cutting Outlook
- Cybersecurity company cut its sales forecast for the year
- Company says it is focused on ‘disciplined’ profitable growth
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Palo Alto Networks Inc. slid by the most ever after the cybersecurity company cut its annual revenue forecast, stoking concerns that customers are reining in spending despite an uptick in attacks.
Sales will be $7.95 billion to $8 billion this fiscal year, the company said in a statement Tuesday, falling below Wall Street’s expectations for $8.18 billion. It was a blow to investors who had sent the stock price soaring by nearly 120% over the past year on bets that new artificial intelligence-powered products and market-share gains would sustain growth.