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Palo Alto Networks stock rallies after big earnings beat, $1 billion buyback plan

Palo Alto Networks Inc. shares rallied in the extended session Tuesday after the cybersecurity company reported a big earnings beat and plans to repurchase $1 billion in stock.

Palo Alto Networks PANW, +0.71% shares surged 6.4% after hours, following a 0.7% rise to close Tuesday’s regular session at $235.55. Shares closed up 25% for the year Tuesday, while the S&P 500 index SPX, -0.08% is up 11.5% and the ETFMG Prime Cyber Security ETF HACK, -0.13% is up 18%.

The company reported a fiscal second-quarter loss of $2.6 million, or 3 cents a share, compared with a loss of $25.6 million, or 28 cents a share, in the year-ago period.

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