Why Palo Alto Networks Stock Fell Tuesday?

Palo Alto Networks, Inc. PANW shares fell on Tuesday in sympathy with Oracle  ORCL, which dropped after issuing soft guidance.

What To Know: On Monday, Oracle reported mixed first-quarter earnings results. The company reported quarterly earnings of $1.19 per share, which beat the analyst consensus estimate of $1.15, and quarterly sales of $12.45 billion, which missed the analyst consensus estimate of $12.46 billion.

The company expects total revenue to grow between 5% and 7% in the second quarter. Furthermore, Oracle anticipates second-quarter earnings per share to be between $1.27 and $1.31 versus the $1.25 estimate.

The disappointing news impacted software stocks, with Palo Alto Networks trading lower by nearly 3% on Tuesday.

Related Link: Why Intel Stock Is Trading Higher Today

PANW Price Action: Shares of PANW closed 2.93% at $245.73 on Tuesday, according to Benzinga Pro.

Image by Innova Labs from Pixabay