Palo Alto Networks stock plummeted over 5% in after-hours trading on Thursday, following the cybersecurity firm's mixed fiscal second-quarter results and a cut to its full-year earnings guidance, despite beating revenue expectations.
For the quarter ended January 31, Palo Alto Networks reported a 14% year-over-year increase in revenue to $2.26 billion, surpassing Wall Street's estimates of $2.24 billion. However, the company's adjusted earnings per share of $0.73 fell short of analysts' consensus estimate of $0.78.
The revenue growth was attributed to customers adopting Palo Alto Networks' AI-driven technology amid cloud investments and infrastructure modernization. However, the company's "platformization" strategy, which involves offering some products for free to drive broader adoption of its suite, appears to be impacting margins and bookings in the near term.
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