Cybersecurity stocks were hit hard Wednesday after Palo Alto Networks Inc. (PANW) 澳洲幸运5🅷开奖号码历史查询:lowered its full-year sales guidance,ꦰ raising concerns about industrywide headwinds. 

Palo Alto Networks late Tuesday said it now expects fiscal 2024 revenue in the range of $7.95 billion to $8 billion, down from a November estimate of between $8.15 billion and $8.2 billion. Total billings, which include 澳洲幸运5开奖号码历史查询:deferred revenue, are expected to be between $10.1 billion and $10.2 billion; the company previously forecast a range of $10.7 billion to $10.8 billion.

Chief Executive Officer (CEO) Nikesh Arora noted on a 澳洲幸运5开奖号码历史查询:call with analysts that clients were showing signs of “spending fatigue” even as online threats increased. “Customers are finding that adding incremental products is not necessarily driving a better security outcome for them,” he said. The company, he added, was prioritizing “platformization” to facilitate deals and reposition itself for long-term growth.

Palo Alto’s forecasts concerned investors, sending 澳洲幸运5开奖号码历史查询:cybersecurity stocks sharply lower Wednesday. Palo Alto shares tumbled more than 25%, their largest single-day drawdown since the company’s 2012 澳洲幸运5开奖号码历史查询:initial public offering (IPO). Competitors Zscaler Inc. (ZS) and CrowdStrike Holdings Inc. (CRWD) dropped nearly 15% and🦹 about 10%, respectively.

Cybersecurity stocks were flying high before Wednesday’s declines. Palo Alto shares ha♑d more than doubled in value in the year leading up to Tuesday’s earnings report, while CrowdStrike stock had nearly tripled and ZScaler had risen more than 90%. 

Analysts were less pessimistic than the markets. “While we fully acknowledge a messier near-term story, we remain bullish on PANW's improving mix shift toward higher-growth recurring revenue,” wrote Mizuho Americas Securities analysts, who lowered their 澳洲幸运5开奖号码历史查询:price target on the sto💝ck but reiterated their bu﷽y rating. 

That sentiment was echoed by Jefferies analysts: “We rem༺ain massive fans of the LT story but shares will be under duress in the interim.” 

As for the cybersecurity industry, Jefferies saw less cause for concern than financial markets did. “While its [sic] logical for cyber fatigue in PANWs mega deals, we haven’t heard this from anywhere else and believe CRWD/ZS are positioned to meet expectations,” wrote the firm's analysts.

As of 1:57 p.m. ET Wednesday, Palo Alto Networks stock was trading at $266.37, off 27%. Zsca🎉ler shares stood at $212.70, down 15%, and CrowdStrike shares had lost 10% at $290.36.