Palo Alto Networks' shares fell 19% after the cybersecurity firm lowered its full-year billings and earnings outlook.

Palo Alto Networks' shares fell 19% after the cybersecurity firm lowered its full-year billings and earnings outlook. The company cited a shift in strategy, increased platform migration, and accelerating growth and AI leadership as reasons for the reduced forecast. Despite the drop in shares, Palo Alto Networks sees a potential $13-17bn opportunity in the next five years as large enterprises struggle with insecure access to AI and seek to secure AI applications in real-time.

February 20, 2024
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