Wednesday, May 22, 2024

Why Palo Alto Networks Stock Fell Tuesday?


Palo Alto Networks, Inc. (NASDAQ: PANW) shares fell on Tuesday in sympathy with Oracle  (NYSE: ORCL), which dropped after issuing soft guidance.

What To Know: On Monday, Oracle reported mixed first-quarter earnings results. The company reported quarterly earnings of $1.19 per share, which beat the analyst consensus estimate of $1.15, and quarterly sales of $12.45 billion, which missed the analyst consensus estimate of $12.46 billion.

The company expects total revenue to grow between 5% and 7% in the second quarter. Furthermore, Oracle anticipates second-quarter earnings per share to be between $1.27 and $1.31 versus the $1.25 estimate.

The disappointing news impacted software stocks, with Palo Alto Networks trading lower by nearly 3% on Tuesday.

Related Link: Why Intel Stock Is Trading Higher Today

PANW Price Action: Shares of PANW closed 2.93% at $245.73 on Tuesday, according to Benzinga Pro.

Image by Innova Labs from Pixabay

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This article Why Palo Alto Networks Stock Fell Tuesday? originally appeared on Benzinga.com

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