Feb 20 (Reuters) - Palo Alto Networks (PANW.O) , opens new tab forecast third-quarter billings below Wall Street estimates on Tuesday, signaling cautious spending by businesses in an uncertain economy, sending its shares down more than 13% in extended trading.

Businesses are navigating in a digital world which is highly susceptible to online threat activity as they ramp up digitizing and migration to cloud, but sluggish spending in an uncertain economy has hit demand for companies such as Palo Alto.

Palo Alto forecast third-quarter billings between $2.30 billion and $2.35 billion, compared with analysts' average estimate of $2.62 billion, according to LSEG data.

https://www.reuters.com/technology/palo-alto-forecasts-third-quarter-billings-below-estimates-shares-fall-2024-02-20/