FSCT - Why Shares of Forescout Technologies Tanked Today
Shares of Forescout Technologies (NASDAQ: FSCT) tumbled on Thursday after the device visibility and control solutions provider announced preliminary third-quarter results. The company substantially lowered its expectations for both revenue and profit, citing several deals that were pushed out of the third quarter as well as a tough macroeconomic environment in certain markets. The stock was down 35.2% at 10:50 a.m. EDT.
Forescout now expects to report third-quarter revenue between $90.6 million and $91.6 million, far below its original guidance range of $98.8 million to $101.8 million. Forescout CEO Michael DeCesare explained that none of the delayed deals were lost to competitors and that the company is working to close them as soon as possible.
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