Updated from 4:33 p.m. EDT.
Palo Alto Networks (
Despite beating analysts' estimates on earnings for the first quarter of fiscal 2017, the cybersecurity provider's lower-than-anticipated first-quarter revenue and downbeat outlook took the focus.
Following today's market close, the Santa Clara, Calif.-based company reported adjusted earnings of 55 cents per share on revenue of $398.1 million. Analysts surveyed by FactSet were looking for adjusted earnings of 52 cents a share on revenue of $400.3 million.
Product revenue was $163.8 million and subscription and support revenue was $234.3 million, while Wall Street projected $166.9 million and $233.5 million, respectively.
First-quarter billings jumped 33% year-over-year to $516.9 million. Wall Street was modeling billings of $525 million for the quarter.
Evercore analysts Ken Talanian, Kirk Materne and Fenn Hoffman said in an