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Palo Alto Networks' CEO Touts Large Clients As Long-Term Drivers, Not Short-Term

Updated from 4:33 p.m. EDT.

Palo Alto Networks (PANW) stock was sliding about 12% to $142.06 in after-hours trading on Monday after the company posted mixed results for the quarter ended Oct. 31.

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 earnings preview on Nov. 17 that the company's billings growth is one of the best indicators for its business. The analysts had estimated...