Palo Alto Networks (PANW) reported its first fiscal quarter results, topping on both profit and revenue. Following the release, shares of the cybersecurity company plummeted. RBC Capital Markets managing director and head of global TIMT research Matt Hedberg joins Market Domination Overtime to discuss his outlook on the name.

Editor's Note: Due to a rounding error, Yahoo Finance misrepresented Palo Alto Networks' first quarter revenue as $2.1 billion when, in reality, it was $2.14 billion. Palo Alto Networks beat consensus estimates of $2.12 billion. We apologize for the error.

Hedberg notes that Palo Alto's results were "down the middle," and much of the stock's next movement will be primarily based on commentary from the earnings call. However, he notes the company's numbers still look "solid."

"I think... as we get into more of an AI-centric world, we think Palo Alto's in a really strong position to help organizations deal with increasing cyberthreat that is often times AI-infused," Hedberg states, highlighting the company's product offerings and its platformization strategy.

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This post was written by Angel Smith