Fortinet Inc. shares tumbled about 20% in U.S. pre-market trading on Thursday after the cybersecurity company’s revenue outlook failed to match Wall Street expectations, offsetting a modest earnings beat for the latest quarter. The Sunnyvale, California-based maker of network firewalls reported second-quarter revenue that matched analysts’ estimates and earnings per share that exceeded consensus by $0.05. However, management said it expects third-quarter revenue to come in slightly below market forecasts, citing softer enterprise spending and heightened competition, even as it projected earnings per share above consensus and lifted its full-year billings target. The cautious guidance prompted at least five brokerages to downgrade the stock. Piper Sandler lowered its rating to Neutral from Overweight and cut its price target to $90 from $135, calling the period “make-or-break” for a hoped-for product refresh cycle in the second half of 2025. Other firms echoed concerns that the renewal cycle may take longer to materialize. Fortinet’s slide contrasted with broader market gains and made the stock one of the day’s biggest decliners, underscoring investor sensitivity to forward-looking commentary even when headline results beat estimates.