Stock market investors have generally had confidence that Washington politicians would manage to avoid sending the U.S. into default on its debt. Increasingly, though, that confidence seems to have been misplaced, and stock index futures are lower as a result. The Nasdaq Composite was the worst performer with declines of more than half a percent, adding to losses late Tuesday.

Earnings season reached its peak a couple of weeks ago, but results continue to come out from various corners of the market. In cybersecurity, Palo Alto Networks (PANW 1.37%) kept up its upward momentum with a solid financial report. However, Intuit (INTU -0.79%) wasn't as fortunate, with tax season having not gone as well as many had hoped for the financial software specialist. Below, you'll see all the details.

Palo Alto keeps on growing

Shares of Palo Alto Networks were higher by 6% at the open on Wednesday morning. The cybersecurity specialist's fiscal third-quarter financial results for the period ended April 30 kept showing the resilience of the industry even as some fears have emerged about a slowdown in IT spending.

Palo Alto's revenue climbed 24% year over year to $1.7 billion. Adjusted net income soared 86% from year-ago levels to $359 million, which worked out to $1.10 per share. Those numbers were generally better than most investors had expected, and they reflected work that Palo Alto has done to boost its operating margin and cash-flow metrics across its multiple software platforms.

Investors were also pleased to see Palo Alto remain optimistic about the future. In the fiscal fourth quarter, the company expects revenue to rise between 25% and 27% from year-earlier levels, with adjusted earnings between $1.26 and $1.30 per share. That should help full-year fiscal 2023 sales climb at a 25% to 26% pace, with adjusted earnings of $4.25 to $4.29 per share.

Palo Alto stock has already posted impressive gains since the beginning of 2023, but some investors still see it as a bargain. With the need for protection in cloud computing only growing over time, Palo Alto has a long runway ahead of it for further increases in revenue and earnings.

Intuit fears a tax revolution

Meanwhile, shares of Intuit were down almost 7%. The software company known best for its TurboTax tax preparation software tried to put a positive spin on its fiscal third-quarter financial results for the period ended April 30, but its fears about the future of its tax business weighed on shareholder sentiment.

Intuit's quarterly numbers were generally solid. Revenue of $6.02 billion was up 7% year over year. Earnings came in at $8.92 per share on an adjusted basis, higher by 17% from year-ago levels.

A closer look at business metrics explained some of the nervousness among investors. Total IRS tax return counts declined 2%, and the company's share of the do-it-yourself category dropped by nearly three-quarters of a percentage point. That sent TurboTax unit sales down 5%, with the software package's market share to decline by about eight-tenths of a percentage point. On the brighter side, though, Intuit expects TurboTax Live to see much larger revenue increases that could offset some of the pressure on the do-it-yourself side. Moreover, a big jump in the small business and self-employed segment stemmed from a greater number of freelancers and other entrepreneurs getting started.

Intuit boosted its revenue guidance to project growth of 12% to 13%, up from a previous 10% to 12% range, and now expects 20% bottom-line gains year over year to a new range of $14.20 to $14.25 per share in adjusted earnings. That said, if the federal government steps in to offer direct filing for taxpayers, it could pose a much bigger threat to a large piece of Intuit's business.