Cybersecurity stocks drop as Fortinet, Cloudflare results disappoint By

Shares in major cybersecurity services providers slipped in Thursday afterhours trade after sector names (NASDAQ:) and 2020 Forex platform bonus activitiesCloudflare (NYSE:) reported results.

Their shares are down 8.8% and 14.1%, respectively. 

Fortinet reported adjusted earnings per share (EPS) of $0.43, which was $0.05 higher than analyst expectations. The company's total revenue for the quarter was $1.35 billion, marking a 7% year-over-year increase and exceeding the consensus estimate of $1.34 billion.

Still, the company's shares fell.

In a separate development, Cloudflare's fiscal first-quarter earnings amounted to an EPS of $0.16, surpassing the expected $0.13. The company's revenue reached $378.6 million, also beating the forecast of $373.24 million.

Looking ahead, Cloudflare has set its Q2 2024 EPS guidance at $0.14, which is marginally higher than the consensus estimate of $0.13. The company's revenue forecast for the second quarter ranges between $393.5 million and $394.5 million, closely aligning with the consensus projection.

For the entire year of 2024, Cloudflare expects its EPS to be in the range of $0.60 to $0.61, with the lower end meeting the analysts' expectations, and anticipates full-year revenue to be between $1.648 billion and $1.652 billion, matching the consensus. 

It could be that investors were looking for stronger revenue growth. 

Earlier today, Cyberark stock fell 1.5% after the company reported results. 

In response to these developments, Palo Alto Networks (NASDAQ:) shares are trading more than 2% lower in afterhours trade while CrowdStrike (NASDAQ:) stock is down 1.7%.

 

Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!