Fortinet Shares Fall 25.99% as Service Revenue Growth Slows to 13%
Fortinet reported third-quarter non-GAAP EPS of $0.91 and revenue of $2.08 billion, both above analyst consensus. Shares fell 25.99% in premarket trading as service revenue growth slowed to 13%.
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01:25:00 PM UTC
SquawkNews
By Ty RoushAn earnings beat wasn't enough to save Fortinet stock from a selloff on Thursday. Analysts argue the cybersecurity company's booming firewall business may be approaching a turning point.Fortinet shares plunged 25% to $130.45 in premarket trading after ending Wednesday's session down 5.9…
Fortinet NASDAQ:FTNT shares fell 25.99% in premarket after the cybersecurity company reported third-quarter non-GAAP EPS of $0.91, above the analysts' consensus of $0.86, on revenue of $2.08 billion, ahead of the $2.06 billion estimate. Slower service revenue growth weighed on the shares after a ra…