Fortinet leads cybersecurity stocks sharply lower after warning of deal delays

Fortinet Inc. saw an “unusually large volume of deals” pushed out beyond the June quarter, its chief financial officer said Thursday, and that commentary was weighing on the broader cybersecurity sector.

While... Fortinet Inc. saw an “unusually large volume of deals” pushed out beyond the June quarter, its chief financial officer said Thursday, and that commentary was weighing on the broader cybersecurity sector. While Fortinet’s adjusted earnings per share of 38 cents topped the 34-cent FactSet consensus and its $1.29 billion in revenue essentially matched the consensus view, the company came up shy on billings in the second quarter. That metric came in at $1.54 billion, while analysts had been modeling $1.59 billion.

Shares of the company fell nearly 16% in after-hours trading Thursday, while peer names logged steep drops as well. Palo Alto Networks Inc. shares PANW were off more than 6%, while CrowdStrike Holdings Inc. CRWD and Zscaler Inc. ZS shares each declined more than 2%.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Job openings drop to 2-year low in June but labor market still tightThe Labor Department says job openings fell to 9.6 million in June, the lowest since April 2021 but well above pre-pandemic levels in a sign the job market remains tight.
Source: FoxBusiness - 🏆 458. / 53 Read more »