Palo Alto Networks Inc. (PANW) is having a busy Wednesday. The cybersecurity giant announced a new quantum-safe security partnership with IBM just hours before it's scheduled to release first-quarter earnings results after the closing bell.

The Quantum Play

Here's what's happening: Palo Alto Networks and IBM are teaming up to launch a Quantum-Safe Readiness solution. The idea is to help companies figure out where they're vulnerable to quantum computing threats, understand the risks and start moving toward quantum-safe security before it becomes a crisis.

"Our customers need a comprehensive, practical roadmap to a quantum-safe future and the experts to help them execute it," said Anand Oswal, EVP of Network & AI Security Products at Palo Alto Networks. "This collaboration provides just that by integrating our platform's deep cryptographic visibility and unique cipher translation capabilities with IBM's renowned quantum-safe services."

What Wall Street Expects

As for the earnings report due out Wednesday evening, analysts are expecting the company to post earnings of $0.73 per share on revenue of $2.46 billion. For context, Palo Alto Networks pulled in $2.5 billion in revenue during its fiscal fourth quarter.

PANW Price Action: Palo Alto Networks shares were up 0.05% at $201.11 at the time of publication on Wednesday.