CrowdStrike Holdings Inc (NASDAQ:CRWD) shares are moving higher in extended trading on Tuesday following strong quarterly results from cybersecurity peer Palo Alto Networks (NASDAQ:PANW).

• CrowdStrike Holdings stock is approaching key resistance levels. Why are CRWD shares at highs?

Palo Alto Reports Beat-And-Raise Q3

Palo Alto beat estimates on the top and bottom lines in the third quarter, reporting revenue of $3 billion versus estimates of $2.94 billion, and adjusted earnings per share of 85 cents versus estimates of 80 cents.

The cybersecurity giant highlighted accelerating organic bookings growth due to AI-related demand and noted that AI advancements are reshaping the broader cybersecurity industry.

Palo Alto guided for fourth-quarter revenue of $3.35 billion to $3.36 billion and adjusted earnings of 96 to 98 cents per share, both above analyst expectations. The company also raised its full-year outlook for revenue and adjusted earnings.

Palo Alto shares were up more than 4% at last check. per Benzinga Pro.

Why It Matters For CRWD

Palo Alto and Crowdstrike are the two biggest players in the cybersecurity industry. Palo Alto’s commentary around booming AI-related demand is raising investor expectations for CrowdStrike’s results, which are due after the market close on Thursday.

According to Benzinga data, CrowdStrike is expected to report adjusted earnings of 88 cents per share on revenue of $1.36 billion. The company has a strong history of exceeding revenue and earnings expectations.

CRWD Shares Move In Sympathy With PANW

CRWD Price Action: CrowdStrike shares were up 2.15% in after-hours Tuesday, trading at $785.49 at the time of publication, according to Benzinga Pro.

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