Why Fortinet Shares Are Tumbling Today
Portfolio Pulse from Lekha Gupta
Fortinet Inc (NASDAQ:FTNT) shares dropped by around 20% after the company reported Q2 FY23 earnings and provided weak guidance. Despite beating EPS consensus and increases in product and service revenue, sales missed estimates. The company also revised its FY23 guidance downwards. As of August 3, 2023, the company had around $2.03 billion remaining available for share repurchases.
August 04, 2023 | 3:08 pm
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NEGATIVE IMPACT
Fortinet's Q2 earnings report and weak guidance led to a drop in its share price. Despite beating EPS consensus, sales missed estimates and FY23 guidance was revised downwards.
Fortinet's shares dropped due to the company's Q2 earnings report and weak guidance. Despite beating the EPS consensus, the company's sales missed estimates, which likely disappointed investors. Additionally, the company revised its FY23 guidance downwards, which could have further contributed to the negative sentiment around the stock.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100