"Palo Alto Networks Stock Plunges Amid Slashed Guidance and Record-Breaking Decline"
TL;DR Summary
Palo Alto Networks stock plummeted over 20% in after-hours trading after the company reduced its full-year and current-quarter revenue guidance due to customers cutting IT security spending and becoming more demanding. The company's CEO mentioned "spending fatigue" among customers and emphasized a shift in strategy towards growth. The stock may find support near $285, marked by a multi-month uptrend line and the 200-day and 50-day moving averages.
Topics:business#businessfinance#cybersecurity#it-security#palo-alto-networks#revenue-forecast#stock-plunge
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