Palo Alto Networks stock falls after soft FQ1 sales
The cybersecurity leader posted adjusted earnings per share of $1.56 for the fiscal first quarter ended October 31, surpassing analyst estimates of $1.48. Revenue grew 14% YoY to $2.1 billion, slightly below the consensus estimate of $2.12 billion.
"Our Q1 results reinforced our conviction in our differentiated platformization strategy," said Nikesh Arora, chairman and CEO of Palo Alto Networks."We see a growing market realization that platformization is the game changer that will solve security and enable better AI outcomes." Palo Alto Networks also announced a two-for-one stock split, effective December 16, which could improve stock liquidity and accessibility for retail investors.
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