Palo Alto Networks sees strong year on solid demand for cybersecurity

Palo Alto Networks Inc raised its full-year profit forecast on Tuesday as spending on cyber-security products stays strong in the face of a turbulent economy, sending the company’s shares up about 5.5% in trading after the bell.

A rise in cyberattacks and the growing digital presence of businesses and governments have ensured strong demand for software from cybersecurity companies such as Palo Alto Networks, even as rising interest rates and high inflation weigh on technology budgets.