Palo Alto Networks' (NASDAQ: PANW) stock dropped 6% during after-hours trading on Nov. 15 in response to the cybersecurity leader's latest earnings report. For the first quarter of fiscal 2024, which ended on Oct. 31, its revenue rose 20% year over year to $1.88 billion and exceeded analysts' estimates by $60 million.

On a generally accepted accounting principles (GAAP) basis, Palo Alto's net income surged nearly tenfold from $20 million to $194 million and notched up its sixth consecutive quarter of GAAP profitability. On a non-GAAP basis, its net income jumped 75% to $466 million, or $1.38 per share, and cleared the consensus forecast by $0.22.

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Source Fool.com