The Santa Clara, California-based company sees billings in the fiscal first quarter ranging from $10.9 billion to $11 billion, beating analysts’ estimates of $10.8 billion. Still, the firm’s quarterly and annual revenue outlooks fell below analysts’ estimates.
Palo Alto’s outlook is a potential bright spot for the cybersecurity industry. Firms including Fortinet Inc. and Check Point Software Technologies Ltd. had been reporting earnings that pointed to a slowdown across the space amid a broader pullback in tech spending and a shaky economy. Palo Alto Chief Executive Officer Nikesh Arora said in a statement that the company’s “strategy is resonating with a growing number of our customers, driving continued consolidation.” He also noted that the company was “pleased” with the reception for its artificial-intelligence-based security platform.In a departure from the company’s usual timings, the results came after the closing bell Friday, prompting speculation that the forecast might not be promising.
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