Investing.com -- Palo Alto Networks reported Tuesday guidance for the current quarter that missed Wall Street estimates offsetting better-than-expected fiscal second-quarter results.
Palo Alto Networks Inc (NASDAQ:PANW) fell up more than 18% in afterhours trading following the report.
The company said it expected fiscal third-quarter adjusted EPS of between $1.24 to $1.26 on revenue of $1.95B to $1.98B. That was below guidance for EPS of $1.29 on revenue of $2.04B. Total billings was guided in the range of $2.30B to $2.35B.
The guidance offset second-quarter results that beat on both the top and bottom lines.
Looking further ahead to 2024, the company guided adjusted EPS in a range of $5.45 to $5.55 per share on revenue of between $7.95B to $8.00B. That compared with a prior estimate for adjusted EPS in the range of $5.40 to $5.53 on revenue of between $8.15B to $8.20B.
Palo Alto Networks said it now sees billings for fiscal 2025 between $10.1B and $10.2B, down from a previous range of $10.7B to $10.8B. It also lowered its sales forecast for the year, as it now expects revenue to be between $7.95B and $8B, down from a prior view of $8.15B to $8.2B.