Shares of major cybersecurity service providers fell in after-hours trading Thursday as sector names fell. fortinet (NASDAQ:) and Cloudflare (NYSE:) reported results.
The company's stock price fell 8.8% and 14.1%, respectively.
Fortinet reported adjusted earnings per share (EPS) of $0.43, beating analyst estimates by $0.05. The company's total revenue for the quarter was $1.35 billion, up 7% year-over-year and beating consensus estimates of $1.34 billion.
Still, the company's stock price fell.
In another development, Cloudflare's fiscal first quarter earnings came in at $0.16 EPS, beating estimates of $0.13. The company's sales reached $378.6 million, exceeding expectations of $373.24 million.
Looking ahead, Cloudflare has set Q2 2024 EPS guidance of $0.14, slightly above the consensus estimate of $0.13. The company's second-quarter revenue estimates range from $393.5 million to $394.5 million, roughly in line with consensus estimates.
Cloudflare expects full-year 2024 EPS to be in the range of $0.60 to $0.61, the lower end of which is in line with analyst expectations, and full-year revenue of $1.648 billion to $1.6 billion, in line with consensus. It is expected to be in the range of $52 million.
Investors may have been looking for stronger earnings growth.
Earlier today, CyberArk shares fell 1.5% following the company's earnings report.
Following these developments, Palo Alto Networks (NASDAQ:) stock is down more than 2% in after-hours trading, and CrowdStrike (NASDAQ:) stock is down 1.7%.
