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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 7.95billionto7.95 billion to 8 billion, down from a November estimate of between 8.15billionand8.15 billion and 8.2 billion. Total billings, which include deferred revenue, are expected to be between 10.1billionand10.1 billion and 10.2 billion; the company previously forecast a range of $10. ...