Cybersecurity Stocks Tumble as Palo Alto Cuts Sales Forecast

Cybersecurity stocks were hit hard Wednesday after Palo Alto Networks Inc. (PANW) lowered its full-year sales guidance, raising concerns about industrywide headwinds. Palo Alto Networks late Tuesday said it now expects fiscal 2024 revenue in the range of $7.95 billion to $8 billion, down from a November estimate of between $8.15 billion and $8.2 billion. Total billings, which include deferred revenue, are expected to be between $10.1 billion and $10.2 billion; the company previously forecast a range of $10. ...