Palo Alto Networks (PANW) Shows Weakness Despite Decent Earnings Numbers
Palo Alto Networks (PANW) showed weakness despite posting better-than-expected earnings in its recent quarterly report. Yesterday, on October 3, its stock closed down by 2.14%, while today’s early premarket unveils further decline by 0.05% so far.
The cybersecurity behemoth reported adjusted earnings of $1.44 a share for its fiscal Q4 ended July 31. Earnings per share jumped 80% YoY and topped Wall Street's expectations of $1.29 per share.
Meanwhile, Palo Alto Networks' sales climbed 26% to $1.95 billion in the period. That was just slightly below the Street's consensus estimate of $1.96 billion.
Also, Palo Alto is benefiting from customer demand for vendor consolidation of cybersecurity tools. Also, the upgrade to the company’s notorious NextWave Partner Program will now include a few of significant changes, such as a shift towards a compensation model based on backend rebates.
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