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Check Point Software (CHKP) reported third-quarter revenue of $669.8 million, down 1% year over year, and shares fell about 6.3% in pre-market trading. Management believes revenue bottomed this quarter. Security subscriptions grew 11% to $338.6 million, while products and licenses fell 19% to $105.5 million and software updates, maintenance and services fell 7% to $225.7 million. GAAP operating income was $177.2 million versus $199.1 million a year earlier, and a $25 million R&D credit helped the margin; the article says operating margin would be about 23% without it, versus the reported 26%. The article argues recovery requires subscriptions to grow faster than the declines in product and maintenance sales, and the release gives no revenue or EPS outlook.
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Stocks fell Thursday as cybersecurity and software shares dropped after disappointing forecasts. Alphabet (GOOG, GOOGL) posted a rare miss on both top and bottom lines, dragging down Big Tech. Microsoft (MSFT) erased its after-hours gain despite strong results reported Wednesday. The tech sector (XLK) declined, pulling Nvidia (NVDA), AMD (AMD) and Broadcom (AVGO) lower, while Brent crude fell more than 2% to below $110 per barrel and WTI traded near $100.
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Fortinet and ServiceNow both beat revenue estimates after the close on October 28, 2026, yet their shares fell sharply: Fortinet dropped 25.71% after hours to $129.33 and ServiceNow fell 18.13% to $122.91, dragging many software and cybersecurity stocks lower. Fortinet's adjusted EPS of $0.91 beat the $0.86 consensus, but services revenue grew only 13% to $1.31 billion, prompting a cut to its full-year service revenue forecast and slowing total revenue growth to 20% from 26%. ServiceNow's revenue rose 20.5% to $4.106 billion, but adjusted EPS of $1.00 missed the $1.02 consensus, and its guidance for December-quarter cRPO growth of 18.5% was below the 21% in the September quarter. The article calls this the second major software selloff of 2026.
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Software stocks fell after quarterly results from ServiceNow (NOW) and Fortinet (FTNT) fell short of high investor expectations, with added pressure from weakness in Alphabet's (GOOGL) core Search and Advertising business. Fortinet shares dropped over 25% as product revenue grew 37% in Q3, slower than 52% in Q2, dragging Palo Alto Networks (PANW) down 5.5%. ServiceNow reported adjusted EPS of $1, below the $1.17 analysts expected, though revenue rose 20.5% to $4.13 billion; its Q4 RPO growth forecast of 18.5% also trailed Bloomberg's 19% estimate. Salesforce (CRM) fell 4.7%, Intuit (INTU) and Adobe (ADBE) each slid about 2%, and the IGV ETF dropped 3%. Alphabet shares fell nearly 10% after Google Services revenue of $96.3 billion came in below the $98.5 billion expected.
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CrowdStrike shares, at $261.83, rose 14.79% in a week and are up 123.42% year to date after a quarter that CEO George Kurtz called the best in the company's history. Revenue grew 25.8% to $1.47B, net new ARR rose 51% to $332.8M, and Falcon Flex ARR reached $2.29B, up 101%, while non-GAAP EPS of $0.31 beat the $0.2915 estimate. Full-year guidance was raised to $5.99B to $6.01B in revenue and $1.25 to $1.26 in non-GAAP EPS, though GAAP operating income was negative $33.23 million in the quarter. The stock trades at 189x forward earnings, and the average analyst target of $247.25 from 53 analysts sits about 5.6% below the current price. The article says the next report, with Q3 net new ARR guidance of $343 to $347 million, will test whether growth is still accelerating at this valuation.
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Reddit (RDDT) shares fell 8% amid a broad tech selloff, after Snap reported only 4% ad revenue growth in the third quarter. The article argues Snap's slowdown is largely its own issue, since Meta's third-quarter revenue rose 26% to $64.6 billion. The bigger risk for Reddit is lost search traffic from Google's AI answers, which contributed to fourth-quarter revenue guidance of $1.00 billion to $1.03 billion, below expectations. Reddit's third-quarter revenue still rose 53% to $895 million, though analysts trimmed their 2027 revenue estimate to $4.34 billion from $4.47 billion. The article names the data-licensing renewal with Google, due in early 2027, as the next key test.
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DoorDash (DASH) shares fell 10% on Thursday after Amazon and Uber Technologies (UBER) announced a partnership giving Prime members free delivery on Uber Eats restaurant orders of $25 or more placed through Amazon's website or app, across the U.S. The deal replaces Amazon's previous Grubhub partnership, and Amazon estimates frequent users could save more than $175 a year, though service fees still apply. The article argues the arrangement gives Uber Eats immediate access to Amazon's large Prime base, raising competition for DoorDash, which holds a dominant share of U.S. restaurant delivery spending. Less than two weeks earlier, DoorDash agreed to acquire Instacart (CART) for roughly $17 billion, or $65 per share, with closing expected in late 2027 or early 2028. DASH stock is down 22% year to date.
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After Democrats' midterm wins on Tuesday, Sen. Bernie Sanders called for a national data center moratorium, pointing to local referendums where voters approved restrictions on data centers. A CNBC Voter Poll found 56% of voters said AI and data centers were a crucial or major factor in their vote, and 65% of those voters backed a Democratic congressional candidate. Gina Hinojosa, who ousted Gov. Greg Abbott in Texas, pledged a moratorium on all data center approvals until the legislature passes protective laws. Chip stocks led the sell-off, with the iShares Semiconductor ETF (SOXX) tumbling nearly 9% on Tuesday, Nvidia down 8% and Advanced Micro Devices down more than 14%.
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