Fortinet, rivals tumble as dour forecast signals slowing cybersecurity spending

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SaltWire's Atlantic regional weather forecast for November 3, 2023 | SaltWire - Fortinet sank 23% and sparked a selloff in cybersecurity stocks with a dismal forecast that compounded fears of slowing client spending in an uncertain economy.

"We thought sentiment reflected an expectation for a miss/ guide down, but the magnitude was even worse than our bogeys," said Raymond James analysts. The company continues"to see increased deal scrutiny and longer sales cycles, which is constraining near-term results," Fortinet finance chief Keith Jensen said on Thursday.

"This was a debacle quarter for Fortinet," Wedbush analysts said."It's a head scratcher how weak things got at Fortinet."

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