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NEW YORK (
Palo Alto Networks(PANW - Get Report) shares fell sharply in premarket trading Tuesday, off 6.4% to $67.15, following the company's first results as a public company.
The network security specialist earned 3 cents a share in the fourth quarter on $75.6 million in sales, besting Wall Street expectations. Revenue grew 88% year over year, with fiscal 2012 revenue growing 115% to $255.1 million. Analysts polled by
Thomson Reuters were expecting Palo Alto to report break-even earnings and $71.33 million in revenue.
Shares of Palo Alto Networks went public at $42 a share in July, and started trading at $55.15. Investors slammed shares after not meeting the most bullish of Wall Street forecasts, though the stock did recover some losses after the company provided bullish first-quarter views.
The company said it expects to have non-GAAP earnings of 3 cents a share in the first quarter with sales between $80 million and $84 million. Analysts expect non-GAAP earnings of 3 cents a share and $80.8 million in revenue.
Google(GOOG - Get Report) shares were up 0.39% in premarket trading to $703.50 as the Internet giant received approval from
Apple(AAPL - Get Report) for another YouTube app in Apple's App Store.
Last month, Apple
announced that the YouTube app would no longer be standard on its mobile operating system iOS. Google said then it was working on a new app which it hoped to have approval for shortly.
The new app allows users to find videos and channels easier using voice search and query autocomplete. Viewers can also watch all of YouTube's video catalog, including official music videos, something they were not able to do before.
Shares of Apple were up 0.48% in premarket action to $665.89 as the company gets set to launch its latest iPhone at an event in San Francisco Wednesday.