Why Is Fortinet (FTNT) Stock Down 27% After an Earnings Beat?
Photo: CoinCentral
TLDR Fortinet (FTNT) stock traded at $127.70 in premarket Thursday, down about 27% from Wednesday’s close of $174.08. Q3 adjusted earnings were 91 cents a share on $2.08 billion in revenue, both above estimates. Product revenue grew 37% to $765 million, short of the roughly 50% investors hoped for. Jefferies flagged a services revenue miss and possible pull-forward deals. Fortinet raised its Q4 and full-year guidance, including billings for the third time this year. Fortinet (FTNT) stock was trading at $127.70 in premarket on Thursday, down about 27% from Wednesday’s close of $174.08.
Source: CoinCentral
