Fortinet reports revenue growth amid stock decline

Fortinet reported third-quarter 2026 revenues of $2.078 billion, representing a 20% increase compared to the previous year. Product revenues rose by 37% to $765 million, while billings reached $2.336 billion, up approximately 29%. Despite exceeding expectations and raising its annual revenue forecast to a range between $8.125 billion and $8.215 billion, the company's stock faced selling pressure.

The decline in share price was driven by concerns regarding slowing product growth and a lowered outlook for service revenues. Analysts are monitoring the $127.40 level as a critical support point for the stock, with potential targets for recovery set between $155 and $160 if current support levels hold.