Cybersecurity stocks are trading lower after-hours on Wednesday in sympathy with Palo Alto Networks, Inc. PANW, which sunk following its first-quarter earnings report. Here's what's causing the price action.
What To Know: Palo Alto Networks posted first-quarter earnings of $1.38 per share, compared to The Street's estimate of $1.16. Revenue clocked in at $1.88 billion, versus the analyst consensus estimate of $1.84 billion. The company also issued second-quarter and full-year 2024 guidance.
Shares of Palo Alto Networks fell after the financial results were released, dragging down several other cybersecurity stocks including CrowdStrike Holdings, Inc. CRWD, Zscaler Inc ZS, SentinelOne Inc S and Fortinet Inc FTNT.
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PANW, CRWD, ZS, S, FTNT Price Action: Shares of PANW were down 5.35% at $242.48 in the after-hours session at the time of publication while Crowdstrike Holdings was down 1.74% at $200.74, Zscaler Inc was down 1.93% at $181, SentinelOne was down 1.38% at $17.10, and Fortinet was down 2.03% at $51.06.
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