Nikesh Arora, CEO of Palo Alto Networks, speaks on CNBC's "Squawk Box" at the WEF Annual Meeting in Davos, Switzerland, on Jan. 16, 2024. Palo Alto Networks shares dropped 28% on Wednesday, the worst trading session since the cybersecurity hardware and software maker's 2012 initial public offering. The company lowered its full-year billings outlook to a range of $10.1 billion to $10.2 billion, from $10.7 billion to $10.8 billion. The revenue guidance moved to a range of $7.95 billion to $8 billion, from $8.15 billion to $8.2 billion. WATCH: Chart of the Day: Palo Alto Networks

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Persons: Nikesh Arora, Palo, Wells, Andrew Nowinski, Stefan Schwarz, Arora, — CNBC's Rohan Goswami Organizations: Palo Alto Networks, MGM Resorts, Defense, Systems, Rosenblatt Securities, Palo Alto Locations: Davos, Switzerland, 23andMe, U.S, Palo, billings