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Palo Alto Networks trims full-year outlook for billings

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Palo Alto Networks,Cybersecurity,Billings

Shares of Palo Alto Networks Inc. slid after hours Wednesday after the cybersecurity company trimmed its full-year outlook for billings, as its customers seek more flexibility on cybersecurity spending. Executives tempered that forecast despite what they characterized as an an “unprecedented level” of cyberattacks driving demand for greater security. But a more cautious tack on the economy and higher interest rates have reshaped the way businesses craft their tech budgets.

Shares of Palo Alto Networks Inc. slid after hours Wednesday after the cybersecurity company trimmed its full-year outlook for billings, as its customers seek more flexibility on cybersecurity spending.

Executives tempered that forecast despite what they characterized as an an “unprecedented level” of cyberattacks driving demand for greater security. But a more cautious tack on the economy and higher interest rates have reshaped the way businesses craft their tech budgets.

 

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