Palo Alto Networks and Zscaler Stocks Dip Following Fortinet’s Results
- Fortinet’s stock slides after earnings as guidance misses expectations
- Fourth-quarter revenue forecast falls short of analysts’ estimates
- Billings also lower than expected
- Adjusted earnings per share in line with consensus
- Shares down 17% in after-hours trading
Fortinet Inc. reported disappointing third-quarter results, with its fourth-quarter revenue forecast and billings falling short of analysts’ expectations. The company’s stock dropped 17% in after-hours trading. This comes after a 25% drop in stock price following the second-quarter results. Despite these setbacks, Fortinet shares are still up 18% for the year. Fellow cybersecurity companies, Palo Alto Networks and Zscaler, also saw their stocks decline after Fortinet’s report.
Factuality Level: 7
Factuality Justification: The article provides specific information about Fortinet Inc.’s fourth-quarter revenue forecast, billings, and adjusted earnings per share. It also includes comparisons to analysts’ expectations and previous performance. However, the article lacks in-depth analysis and context, and it does not provide a balanced perspective by including other viewpoints or potential reasons for the company’s performance.
Noise Level: 3
Noise Justification: The article provides information on Fortinet’s disappointing fourth-quarter revenue forecast and its impact on the stock. However, it lacks in-depth analysis, evidence, and actionable insights. The article also includes irrelevant information about other cybersecurity companies’ stock performance.
Financial Relevance: Yes
Financial Markets Impacted: The article pertains to the financial performance of Fortinet Inc., a cybersecurity company.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses Fortinet Inc.’s financial performance and revenue forecast, but there is no mention of any extreme events or their impact.
Public Companies: Fortinet Inc. (FTNT), Palo Alto Networks Inc. (PANW), Zscaler Inc. (ZS)
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