Palo Alto Networks (PANW) reported quarterly earnings that beat analysts' expectations and provided revenue guidance that matched estimates.

The company's shares fell more than 8% in extended trading following the release of the fiscal 2024 third-quarter report after Monday's closing bell.

Palo Alto reported revenue for the latest quarter of $1.98 billion, a 15% year-over-year increase and slightly ahead of analysts' expectations, according to estimates compiled by Visible Alpha.

Net income came in at $278.8 million or 79 cents per share, versus $107.8 million or 31 cents per share in the year-ago period, and well above analysts' expectations.

The cybersecurity company had previously warned about "spending fatigue" and had shifted towards a "platformization" strategy to combat it.

"We are pleased with the enthusiastic response to platformization from our customers in Q3," Palo Alto Networks CEO Nikesh Arora said, adding that "platformization is a long-term strategy that addresses the increasing sophistication and volume of threats, and the need for AI-infused security outcomes."

The company said it expects revenue to be between $2.15 billion and $2.17 billion in the fiscal fourth quarter and in the range of $7.99 billion to $8.01 billion for the full 2024 fiscal year. The revenue outlook was consistent with consensus estimates of $2.16 billion and $7.98 billion, respectively.