Shares of Fortinet (FTNT) plummeted 10.81% in pre-market trading on Thursday, following the cybersecurity company's release of its first-quarter 2025 financial results and disappointing forward guidance. While Fortinet beat earnings expectations for Q1, its revenue outlook for the second quarter fell short of analyst estimates, raising concerns about future growth.

For the first quarter, Fortinet reported adjusted earnings per share of $0.58, surpassing the analyst expectations of $0.53. Revenue for the quarter came in at $1.54 billion, meeting analyst expectations. However, the company's guidance for the second quarter has worried investors. Fortinet projected Q2 revenue between $1.59 billion and $1.65 billion, with the midpoint falling slightly below the analyst consensus of $1.63 billion.

In response to the earnings report and guidance, several analysts have cut their price targets for Fortinet. Bernstein reduced its target price to $94 from $111, while RBC lowered its target to $105 from $110. Scotiabank cut its target price to $115 from $135, and Jefferies reduced its target to $100 from $105. These price target reductions reflect growing concerns about Fortinet's growth trajectory and have likely contributed to the sharp decline in the stock price. Investors will be closely watching Fortinet's performance in the coming quarters to assess whether the company can maintain its growth momentum in an increasingly competitive cybersecurity market.