Palo Alto Networks stock jumps on earnings, guidance

📆 18/08/2023 7:14 p. m.
📰 YahooFinanceCA

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Shares of Palo Alto Networks (PANW) jumped in after-hours trading. The cybersecurity company reported fiscal fourth adjusted quarter earnings that handily beat Wall Street estimates, while revenue was just shy of expectations. The company also issued upbeat full-year guidance. Constellation Research Founder Ray Wang says the company is 'doing well' but 'the challenge is the macro-environment. Budgets are being re-directed from cybersecurity to AI.' Wong says Palo Alto is benefiting from putting 'the best portfolio in the marketplace for customers to buy so that they don't have to go to all these different point solutions.' However, Wong thinks the stock is going to be 'challenged for the rest of the year' due to companies shifting their spending to AI.

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The company's offshore debt restructuring involves a total of $31.7 billion.It will meet with its creditors later this month to discuss its restructuring proposal.A number of Chinese property developers have defaulted on their offshore debt obligations.Leaving in its wake unfinished homes, plunging sales and battered investor confidence.The property sector makes up about a quarter of the economy.

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