Why Zscaler, Palo Alto Networks And Fortinet Shares Are Sliding After Hours

Why Zscaler, Palo Alto Networks And Fortinet Shares Are Sliding After Hours

Shares of several cybersecurity firms are trading lower in Tuesday's after-hours session in the wake of CrowdStrike Holdings Inc's CRWD third-quarter results

Some of the cybersecurity stocks moving lower include Zscaler Inc ZSPalo Alto Networks Inc PANW, and Fortinet Inc FTNT.

  • CRWD Q1 Revenue: $581 million beat estimate of $573.82
  • CRWD Q1 EPS: $0.40 beat estimate of $0.31 

"Total net new ARR was below our expectations as increased macroeconomic headwinds elongated sales cycles with smaller customers and caused some larger customers to pursue multi-phase subscription start dates, which delays ARR recognition until future quarters," said Geroge Kurtz, co-founder and CEO of CrowdStrike.

Outlook: CrowdStrike sees fourth-quarter revenue between $619.1 million and $628.2 million versus estimates of $632.84 million. The company expects fourth-quarter earnings to be between 42 cents and 45 cents per share versus estimates of 34 cents per share.

Full-year revenue is expected to be between $2.223 billion and $2.232 billion versus estimates of $2.23 billion. CrowdStrike said full-year earnings are expected to be in a range of $1.49 to $1.52 per share versus estimates of $1.32 per share.

Related Link: CrowdStrike Stock Is Diving After Hours: What's Going On?

ZS, PANW, FTNT Price Action: At publication time, Zscaler was down 5.82%, Palo Alto was down 3.37% and Fortinet was down 2.79%, according to Benzinga Pro.

Photo: Darwin Laganzon from Pixabay.

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