Palo Alto Networks Inc. shares tumbled 13% in late trading Monday after the company reported a wider loss than expected and provided a forecast lower than analysts expected. The Silicon Valley security-software firm reported a fiscal first-quarter loss of $61.8 million, or 69 cents a share, on sales of $398.1 million. After adjustments for stock-based compensation and other factors, the company claimed a profit of 55 cents a share. Analysts on average expected Palo Alto Networks to report a loss of 58 cents a share on sales of $400 million, with adjusted profit of 52 cents a share. The company's forecast for the current quarter is for adjusted profit of 61 cents to 63 cents a share on revenue of $426 million to $432 million. Analysts on average were expecting Palo Alto Networks to report adjusted earnings of 63 cents a share on sales of $439 million, according to FactSet. The company's stock dropped lower than $140 in the after-hours session following the release of the results, after closing with a 0.2% decline at $161.06.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
