Macro Headwinds Hit Cyber Sector
Similar to the real estate tech industry, cybersecurity stocks have experienced quite a rebound this year. Unfortunately, today’s outlook from Fortinet sent the sector plummeting. 📉
The cybersecurity company plunged 25% and dragged the sector lower after warning that companies are delaying deals due to macroeconomic uncertainty. More specifically, CFO Keith Jensen said “an unusually large volume of deals” expected to close in June was pushed out to future quarters. That ultimately impacted the company’s billings. 📆