Fortinet, Inc.(NASDAQ:FTNT) shares slipped $4.66 or 18.79% at $20.14 in Wednesday’s session. As the company’s net income for third quarter fell 4% with the growth in expenses.
Net income fell by $0.7 million or a cent at $17.2 million or 10 cents per share for the quarter in comparison to last year.
On the other hand revenue rose 17 percent by $19.9 million at $136.3 million in comparison to last year.
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Stating about its adjusted earnings the company depicts 14 cents for the quarter, a gain by cent in comparison to last year. FactSet analyst expects a profit of 14 cents per share on revenue of $136.4 million.
Expenses related to sales and marketing grew by $7.8 million whereas the research and development expenses grew by $3.7 million.
Check Point Software Technologies Ltd.(NASDAQ:CHKP) shares slumped $6.27 or 13.22% at $41.15 following the company’s disappointing fourth quarter financial guidance.
Same as the Street forecast the company reported third quarter revenue of $332.4 million and non-GAAP profit of 79 cents per share.
The financial guidance for the fourth quarter showed revenue of $ $355 million to $387 million, with non-GAAP profits of 84-91 cents a share. The Street consensus is revenue of $381.8 million and 90 cents per share of non-GAAP profit.
“Third quarter results continued to be good with healthy growth in enterprise appliance units and software blade sales. Our revenues and earnings per share came in at the upper half of our projections,” CEO Gil Shwed said in a statement. “Geographically, North America continued to deliver great results with double digit growth in product and service revenues.”