Palo Alto Networks, a cybersecurity company, has reported sales falling below Wall Street's expectations for $8.18 billion this fiscal year, causing a blow to investors who had sent the stock price soaring by nearly 120% over the past year. The company's outlook has reignited fears that customers are dialing back spending, a concern that has weighed on cyber stocks over the past two years amid broader economic uncertainty. The top end of Palo Alto Networks' sales forecast represents an increase of 16%, well below its 25%-plus growth rate of recent years. The pullback came despite a series of high-profile cyberattacks against major corporations. The stock fell as much as 27% to $267.12 a share in New York, the biggest decline since the company was listed in 2012. The company has maintained its earnings and free cash flow outlook for fiscal 2024, citing "disciplined execution on profitable growth.