Palo Alto Networks' poor guidance figures led to a significant drop in cyber security stocks after hours. Stocks like $PANW, $CRWD, $ZS, $FTNT, and $PLTR saw declines ranging from 1.5% to 19.2%. Palo Alto forecasted third-quarter billings below estimates, causing its shares to fall. The company's earnings report resulted in a substantial market cap loss, with shares plunging by 28% for the worst day on record since its 2012 IPO.
*PALO ALTO NETWORKS DROPS BY 28% FOR WORST DAY ON RECORD
Palo Alto Networks loses over $30 billion in market cap, sends shockwaves throughout | Ctech https://t.co/rCAO6dBuC3
Palo Alto Networks shares on pace for worst day since 2012 IPO https://t.co/17Q6doGwsp
Cybersecurity firm Palo Alto Networks set for worst day after forecast cut https://t.co/A0DiK7Fnz0 https://t.co/DDXTi2QvNp
Analysts race for new Palo Alto Networks price targets as shares plunge https://t.co/r6Ll4lyiLe
Palo Alto Stock Plunges After Earnings. It’s Taking Cybersecurity Peers With It. https://t.co/P0KEoBNSRg
💥 BREAKING: Palo Alto Networks earnings. When security isn't secure. Full report: https://t.co/dQzzewJr4d $PANW 🎙️ @DrillDownPod #DrillDownEarnings @FuturumGroup #DDE @PaloAltoNtwks
Palo Alto forecasts third-quarter billings below estimates, shares fall https://t.co/kLIZOAzyfk https://t.co/z6NZO9IpP2
Cyber security stocks are getting attacked across the board in the after-hours today following Palo Alto Network's poor guidance figures 🟥 $PANW -19.2% 🟥 $CRWD -7.5% 🟥 $ZS -7.5% 🟥 $FTNT -4.8% 🟥 $PLTR -1.5% https://t.co/MzPIFVZ0fy