Why CrowdStrike, Palo Alto Networks, and Fortinet Stocks Fell This Morning
Cybersecurity stocks took a tumble Wednesday morning, and that's kind of strange.
Reporting third-quarter earnings after close of trading last night, CrowdStrike Holdings (NASDAQ: CRWD) easily topped analyst expectations for both sales and earnings, reporting a $0.40 per share pro forma profit, where the Street predicted only $0.31, and with sales of $580.9 million eclipsing expectations for only $573.8 million. CrowdStrike even guided investors to expect a second earnings beat in the fourth quarter, saying its earnings could top expectations by more than $0.10 per share this quarter.
CrowdStrike's stock is down regardless, falling 19.5% through 11:10 a.m. ET. What's more, it seems to be pulling industry leader Palo Alto Networks (NASDAQ: PANW) down 2.3% as well. On the plus side, Fortinet (NASDAQ: FTNT), which was down as much as 2.2% earlier in the day, has trimmed its losses to just 0.4%.
Source Fool.com
