Why Fortinet Stock Crashed Today
Fortinet (NASDAQ: FTNT) shareholders were heading for the exits this morning after the company reported its third-quarter financial results. Based on the severity of the cybersecurity stock's drop today, you'd think the company reported worse-than-expected results, but that wasn't the case.
Instead, Fortinet's top and bottom lines both beat analysts' consensus estimates. But investors mostly ignored those results and instead focused on management's disappointing billings guidance for the fourth quarter.
Those projections spooked investors and analysts alike, causing Fortinet's shares to plunge 13.2% as of 11:49 a.m. ET.
Source Fool.com
