Cybersecurity firm Fortinet cut its annual revenue forecast on Thursday as spending from enterprise clients remained tight amid a turbulent economy, sending its shares down more than 17% after the bell.
cut its annual revenue forecast on Thursday as spending from enterprise clients remained tight amid a turbulent economy, sending its shares down more than 17% after the bell.
Fortinet now expects annual revenue between $5.35 billion and $5.45 billion compared with a prior view of $5.43 billion to $5.49 billion.As customers shift to more long-term investments, Fortinet's near-term revenue growth continues to take a hit while it also faces tough competition from bigger rivals like Palo Alto NetworksFortinet's operating margin too has come under pressure from its increased hiring to boost sales and marketing.
It posted total revenue of $1.29 billion for the second quarter and missed expectations of $1.30 billion, according to Refinitiv data.Reporting by Yamini Kalia in Bengaluru; Editing by Maju Samuel and Arun Koyyur
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