Palo Alto Networks (PANW) shares dropped over 5% in intraday trading Thursday after the cybersecurꦕity firm’s bil﷽lings and current quarter guidance missed estimates as customers changed their IT spending.

The company reported first quarter fiscal 2024 billings increased 16% from a year ago to $2.025 billion, $45 million below expectations. It anticipates second quarter bookings to be $2.34 billion to $2.39 billion, while analysts had been looking for $2.43 billion. First quarter 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) were $1.38, with revenue rising 20% to $1.9 billion. Both were higher than forecasts.

Palo Alto indicated customers opted for shorter duration contracts🐻 and only about two-thirds paid up-front. Higher interest🦩 rates hurt demand, with CFO Dipak Golechha saying that “our billings were impacted by the cost of money.”

However, CEO Nikesh 🧜Arora said that there’s an “unprec😼edented level of attacks fueling strong demand in the cybersecurity market.”

Even with Thursday’s losses, shares of Palo Alto Networks have added about three-quarters of their value this year.