Fortinet's stock fell 20% after it reported Q3 earnings that beat expectations and raised its billings outlook, but lowered its full-year service revenue forecast. The company explained the slower service revenue growth as a timing issue with large customers adopting services in stages. This cautious service revenue outlook overshadowed strong product sales and a 29% growth in total billings, dragging down other cybersecurity stocks like Palo Alto Networks and CrowdStrike. Investors will watch if service revenue growth improves in 2027 as customers activate subscriptions, with upcoming reports from peers potentially influencing sector sentiment.
Fortinet shares dropped sharply by 20.49% on Pluang, trading at USD 138.41 as of Oct 29, 2026 21:21 WIB, reflecting significant investor reaction to its lowered full-year service revenue forecast. Meanwhile, Palo Alto Networks and CrowdStrike also declined but less steeply, down 3.20% and 1.61% respectively, with Palo Alto priced at USD 381.86 and CrowdStrike at USD 262.37. This sector-wide dip highlights cautious sentiment despite Fortinet's strong billings growth and earnings beat.
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