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Reasons for the weak billing guidance of PANW

Although the earnings beat both revenue and EPS, it is believed that the stock price fell due to the weak billing guidance.
The reason is inferred from the contents of the conference call and the CEO's remarks as follows.
- In the past, the client side tended to prefer longer-term contracts over one-year and short-term contracts, even if they were slightly discounted.
- Recently, due to the pressure of rising interest rates, clients are forced to cut costs, and they prefer shorter-term contracts that are more solid than advantageous long-term contracts.
- It is expected that this trend will continue for a while in the current market, where interest rates are expected to remain high for a long time, so the billing guidance has been lowered.
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