Palo Alto Networks taps Nikesh Arora as CEO, chairman
Palo Alto Networks Inc. shares ticked higher Friday after the cybersecurity company named a new chairman and chief executive and forecast revenue that topped Wall Street estimates. Palo Alto Network shares rose 2.4% after hours, following a 0.5% rise to close at $209.19 in Friday's regular session. The company said that Nikesh Arora, a former C-level executive at SoftBank and Alphabet Inc.'s Google, will start as chairman and chief executive of Palo Alto Networks beginning June 6. Arora succeeds Mark McLaughlin, who will become vice chairman. The company, which reports earnings on Monday, said it expects third-quarter revenue of $567.1 million, and billings of $721 million. Analysts surveyed by FactSet had forecast revenue of $546.1 million and billings of $668.8 million.