Software Stocks Slide on Weak Fortinet and ServiceNow Results
Software sector shares tumbled in premarket trading after disappointing results from Fortinet and ServiceNow highlighted ongoing concerns regarding artificial intelligence disruption. Fortinet shares dropped sharply following decelerating service revenue growth, while ServiceNow missed profit expectations.
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Software shares tumbled during Thursday's premarket trading after FORTINET INC and SERVICENOW INC posted results that failed to satisfy investor expectations. The downturn deepened sector-wide anxieties regarding artificial intelligence disruption. The S&P 500 Software & Services Index has posted a 6% year-to-date rise, trailing broader market gains.
