Palo Alto Networks Plunges After Cutting Revenue Forecast

Palo Alto Networks Inc., a cybersecurity company, experienced a decline in late trading after revising its revenue forecast for the year, raising concerns about a potential contraction in tech spending by customers.

The company stated on Tuesday that sales for the fiscal year would be between $7.95 billion and $8 billion.

This is a reduction from its earlier projection of revenue reaching up to $8.2 billion, and analysts had estimated $8.18 billion.

The revised outlook suggests a possible restraint in customers’ spending intentions, even in the face of increasing online attacks.

The upper limit of Palo Alto Networks’ sales forecast reflects a 16% increase, considerably below its growth rate of 25% or more in recent years.

Despite the adjusted revenue forecast, the company maintained its outlook for earnings and free cash flow for fiscal 2024, Bloomberg reported.

READ MORE: https://finance.yahoo.com/news/palo-alto-networks-plunges-giving-211641156.html

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