Why Palo Alto Networks Shares Are Trading Lower By Around 5%; Here Are 20 Stocks Moving Premarket
Portfolio Pulse from Lisa Levin
Palo Alto Networks, Inc. (NASDAQ:PANW) shares dropped by approximately 5% in pre-market trading despite reporting Q1 earnings and revenue that beat analyst estimates. The decline is attributed to the company's lowered full-year 2024 total billings forecast. Other stocks experienced various movements in pre-market trading, with some notable gainers and losers listed.
November 16, 2023 | 1:08 pm
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Palo Alto Networks reported higher-than-expected Q1 earnings and revenue, but shares fell due to a lowered forecast for full-year 2024 billings.
Investors are likely reacting negatively to the reduced billings forecast for 2024, overshadowing the positive earnings and revenue beat for Q1.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100