Palo Alto Networks stock slides after earnings beat
Palo Alto Networks Inc. shares fell in the extended session Wednesday even after the cybersecurity company topped Wall Street estimates for the quarter. Palo Alto Networks shares fell 6.7% after hours, following a 0.7% rise in the regular session to close at $200.49. Shares are up 6.5% for the year to date. The company reported a fourth-quarter loss of $20.8 million, or 22 cents a share, compared with net income of $7 million, or 7 cents a share, in the year-ago period. Adjusted earnings were $1.47 a share. Revenue rose to $805.8 million from $658.5 million in the year-ago quarter, while billings rose 22% to $1.1 billion. Analysts surveyed by FactSet had forecast earnings of $1.42 a share on revenue of $803 million, and billings of $995 million. Palo Alto Networks also announced it was acquiring Internet of Things security company Zingbox for $75 million in cash.
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