Why Zscaler, Palo Alto Networks And Fortinet Shares Are Sliding After Hours

Shares of several cybersecurity firms are trading lower in Tuesday's after-hours session in the wake of CrowdStrike Holdings Inc's CRWD third-quarter results. 

Some of the cybersecurity stocks moving lower include Zscaler Inc ZS, Palo Alto Networks Inc PANW, and Fortinet Inc FTNT.

• CRWD Q1 Revenue: $581 million beat estimate of $573.82
• CRWD Q1 EPS: $0.40 beat estimate of $0.31 

"Total net new ARR was below our expectations as increased macroeconomic headwinds elongated sales cycles with smaller customers and caused some larger customers to pursue multi-phase subscription start dates, which delays ARR recognition until future quarters," said Geroge Kurtz, co-founder and CEO of CrowdStrike.

Outlook: CrowdStrike sees fourth-quarter revenue between $619.1 million and $628.2 million versus estimates of $632.84 million. The company expects fourth-quarter earnings to be between 42 cents and 45 cents per share versus estimates of 34 cents per share.

Full-year revenue is expected to be between $2.223 billion and $2.232 billion versus estimates of $2.23 billion. CrowdStrike said full-year earnings are expected to be in a range of $1.49 to $1.52 per share versus estimates of $1.32 per share.

Related Link: CrowdStrike Stock Is Diving After Hours: What's Going On?

ZS, PANW, FTNT Price Action: At publication time, Zscaler was down 5.82%, Palo Alto was down 3.37% and Fortinet was down 2.79%, according to Benzinga Pro.

Photo: Darwin Laganzon from Pixabay.