Nov 5 (Reuters) - Fortinet ( FTNT ) forecast

fourth-quarter revenue slightly below Wall Street estimates on

Wednesday as clients cut spending amid broader economic

uncertainty.

Stubborn inflation and high interest rates are prompting

businesses to trim IT spending and delay new orders, weighing on

cybersecurity firms such as Fortinet ( FTNT ).

Shares of the company fell nearly 12% in extended trading.

The company expects fourth-quarter revenue to $1.83 billion

to $1.89 billion, with the midpoint slightly below analysts'

average estimate of $1.88 billion, according to data compiled by

LSEG.

The California-based company is transitioning to a

subscription-led model and integrating generative AI across its

products as demand for cloud security rises.

The company, which offers integrated cybersecurity products

including firewalls, intrusion prevention systems and

cloud-based threat protection, reported third-quarter revenue of

$1.72 billion, beating the estimate of $1.70 billion.

On an adjusted basis, the company earned 74 cents a share

for the quarter ended Sept. 30, compared with the estimate of 63

cents.

The cybersecurity firm competes with peers including Palo

Alto Networks, Cisco Systems and Check Point Software

Technologies.