Shares of Palo Alto Networks, Inc. (PANW) declined on Wednesday morning despite the cybersecurity firm reporting higher second-quarter profit and revenues.
The stock is currently trading at $150.53, down $12.97 or 7.93%, on the Nasdaq. The stock opened at $149.48 after closing Tuesday at $163.50. The stock has traded between $144.15 and $223.61 in the past 52-week period.
Palo Alto Networks reported second-quarter earnings of $432 million, or $0.61 per share, up from $267 million, or $0.38 per share, a year earlier. Adjusted earnings were $1.03 per share, up from $0.81 per share. Revenues rose 15% to $2.59 billion.
For the third quarter, the company forecast earnings per share of $0.78 - $0.80 on revenue of $2.941 billion to $2.945 billion. Full-year earnings per share are projected at $3.65 - $3.70 on revenue of $11.28 billion - $11.31 billion.
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