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00:02Cybersecurity stocks plunged Wednesday after Fortinet reported third quarter results that
00:07beat Wall Street estimates but showed slowing revenue growth. Fortinet reported adjusted
00:13earnings of 91 cents per share on revenue of 2.08 billion dollars, topping expectations of 86 cents
00:20per share and 2.06 billion dollars. Revenue grew 20 percent year over year, slowing from 26 percent
00:28in the previous quarter. The company also lowered its full-year service revenue forecast from 5.18
00:34billion dollars to 5.22 billion dollars to a range of 5.15 billion dollars to 5.17 billion dollars.
00:43Fortinet shares fell approximately 25 percent, triggering declines across the cybersecurity
00:48sector. Palo Alto Networks, CrowdStrike, Zscaler, Okta, SentinelOne, Rubrik, and SailPoint fell between
00:575 percent and nearly 10 percent. For all things money, visit Benzinga.com.
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