Fortinet forecasts fourth-quarter revenue below estimates, shares tank

(Reuters) – Cybersecurity firm Fortinet (NASDAQ:) forecast fourth-quarter revenue below Wall Street estimates on Thursday, citing weak spending by customers in an uncertain economy, sending its shares down more than 20% in extended trading.

The Sunnyvale, California-based company expects revenue of $1.38 billion to $1.44 billion for the quarter ending Dec. 31, compared with analysts’ estimates of $1.50 billion, according to LSEG data.