7/102 sources · 2 publishersUpdated Oct 31, 08:17 UTC
Software sector slides as Fortinet, ServiceNow and Microsoft shares tumble
The Dow Jones U.S. Software Index fell 2.9% after Fortinet and ServiceNow posted weak forecasts that sent their stocks down 27% and over 25% respectively. Microsoft’s shares slipped 2% despite first‑quarter revenue rising 19% to $92.28 billion and Azure growth of 48%. The sell‑off spread to other cybersecurity names and broader software stocks.
Why it matters
The index decline and sharp price drops hurt investors holding software‑sector ETFs and individual stocks, while the broader market sell‑off may pressure valuations across the sector.
Key facts
- 1The Dow Jones U.S. Software Index slipped by 2.9% on Thursday. rswebsols.com
- 2Fortinet shares fell 27% to a five‑month low after reporting Q3 results that missed product‑growth and services‑revenue expectations. rswebsols.com
- 3ServiceNow shares dropped over 25% following a disappointing forecast. rswebsols.com
- 4Microsoft shares declined 2% despite first‑quarter revenue increasing 19% to $92.28 billion. rswebsols.com
- 5Azure revenue grew 48% year over year. rswebsols.com
- 6The iShares Expanded Tech‑Software Sector ETF (IGV) fell 4%. rswebsols.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.