Fortinet crashes as it lowers full-year guidance, cybersecurity stocks fall
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Cybersecurity company Fortinet (NASDAQ:FTNT) crashed more than 14% in extended-hours trading after it lowered its full-year sales guidance amid reporting second-quarter results.
For the full-year, Fortinet (FTNT) now expects sales to fall within a range of $5.35B to $5.45B, down from a prior view of $5.43B to $5.49B.
It also expects service revenue to be between $3.35B and $3.41B, while billings are forecast to be between $6.49B and $6.59B. 
Despite the lowered revenue outlook, Fortinet (FTNT) raised its adjusted gross margin outlook, as it now sees the metric between 75.3% and 76.3%, up from a prior view of 75% to 76%. 
Full-year adjusted earnings are expected to be between $1.49 and $1.53 per share, compared to estimates of $1.47 per share. 
During the second-quarter, Fortinet (FTNT) earned an adjusted 38 cents per share on $1.29B in revenue, compared to analyst estimates of 34 cents per share in adjusted earnings and $1.3B in revenue.
Looking ahead, Fortinet (FTNT) expects third-quarter sales to be between $1.32B and $1.38B, with the mid-point below the analyst estimate of $1.38B.
Other cybersecurity stocks fell on back of the results, including CyberArk (CYBR), Check Point Software (CHKP) and Palo Alto Networks (PANW), which dropped 6%. 
The company will hold a conference call at 4:30 p.m EST to discuss the results.
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