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Fortinet (FTNT) shares tumbled as the cybersecurity firm’s billings and product revenue declined, outweighing higher-than-forecast results for the first quarter.

Billings, a measure that includes unrealized revenue which the company uses to help indicate future business, dropped 6.4% to $1.41 billion. However, overall revenue advanced 7.2% to $1.35 billion, with adjusted earnings per share (EPS) of $0.43. Both exceeded estimates. 

Founder and CEO Ken Xie said Fortinet capitalized on the “fast-growing” Secure Access Service Edge (SASE) which is VPN and cloud security-related. However, analysts at Mizuho said competition in the cybersecurity space is fierce and the new initiatives may not be enough to set them apart.

Despite the droll billings reading, the company raised full-year guidance of adjusted EPS to a range of $1.73 to $1.79, and revenue at $5.75 billion to $5.85 billion.

Fortinet wasn't the only cybersecurity firm that posted lower results as companies grapple with enterprise customers tightening their budgets amid an uncertain macroeconomic outlook and intense competition.

Shares in global cloud services provider Cloudflare (NET) also plunged Friday after the company issued a soft current-quarter sales outlook.

Fortinet shares were down 8.5% at $59.68 each as of about 12:07 p.m. ET, while those of Cloudflare were 18% lower at $73.36.

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After Apple (AAPL) reported better-than-expected results for the fiscal second quarter and announced a $110 billion stock buyback program, analysts highlighted potential near-term growth catalysts for the iPhone maker.

They pointed to upcoming events including an expected new iPad launch event on Tuesday and Apple's annual developers' conference in June, as well as opportunities around artificial intelligence (AI). Analysts also suggested Apple's China headwinds could be less significant than previously anticipated.

Apple shares were up 7.4% at $185.75 around 2:15 p.m. ET Friday as the stock closed in on erasing its year-to-date losses in what Citi analysts called a “relief rally."

The company reported an 8% year-over-year decline in sales in the Greater China region, though Apple CEO Tim Cook noted iPhone sales in Mainland China grew sequentially.

Concerns around the slowdown in one of Apple's largest markets drove shares lower last quarter, but the company reassured investors that iPhone revenue is resilient despite macro conditions.

CFRA analysts said they believe the results "appear to change the narrative on the AAPL story, as China is holding up better than expected and there are a host of upcoming events/catalysts on the horizon that could improve investor sentiment and drive consensus estimates higher.”

Apple is holding an event on Tuesday where the company is expected to unveil new iPad models and is set to host its annual Worldwide Developers Conference (WWDC) in June.

Apple’s better-than-expected results are “combining with the expectations of an upgrade cycle-led tailwind in iPads (helped by the launch event next week)," JPMorgan analysts said. They added that "management’s commentary relative to the importance of Generative AI suggests that the 2024 WWDC event will be primarily focused on AI features that Apple is looking to include in iOS 18."

Citi analysts said they "expect Apple to unveil multiple AI developer tools to enhance interactivity and productivity across its devices and operating system with features like customized Siri find & search with context."

Wedbush said the post-earnings rally "is the drumroll moment as Apple is set to unveil its long awaited AI strategy to its golden installed base and developer community at WWDC in June."

While Apple has yet to make any major AI-related announcements, analysts indicate that AI integration could be key to catalyzing a new wave of growth for the iPhone maker.

Apple CEO Tim Cook said the company is "bullish" on AI, adding that generative AI is a "very key opportunity" and Apple is "well positioned" to gain from the emerging tech.

Wedbush analysts said the company announcing its AI strategy, which they believe "will consist of an AI App Store that will the foundational starting point for developers and AI apps over the coming years," could set off "an AI driven supercycle starting with iPhone 16 this Fall."

They added that the anticipated AI announcement "along with an iPhone 16 model that will break new ground in AI" could begin the next supercycle at Apple. Bank of America analysts have also indicated that AI capabilities in new devices could accelerate the iPhone upgrade cycle.

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A businessman has revealed how his dad impregnated his ex and relocated to Germany for proper upbringing of their children.

He made the revelation while reacting to a post on social media, which left many people shocked.

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Controversial singer, Portable has flown his wife, Omobewaji out of the country to Kenya just few days after he ridiculed her online for not acknowledging him.

He captured himself  and her in video as all appeared to be well between them as they sat together in the aircraft while looking playful and relaxed.

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Actress Angela Okorie has referred to her colleague Mercy Johnson’s husband, Prince Odi as an house boy after he questioned her mental state.

She captured herself in a live video as she reaffirmed her stand about calling out her colleague about being a bad person.

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Gay Rights Activist, Bisi Alimi marked his 10th year anniversary of living with HIV on Wednesday.

Bisi was the first Nigerian who came out of the closet to openly declare his sexuality on television in 2004 – he was on Funmi Iyanda’s New Dawn talk show on the Nigerian Television Authority where he publicly admitted he was gay and asked for acceptance from the public.

While marking the 20th year of living with the virus, Bisi wrote “20 years ago on this day, I was diagnosed with HIV and my life has never been the same and for this, I will forever be grateful to life and everyone that has been part of my life! Here is to another 20yrs and more “

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