(Reuters) - SentinelOne ( S ) missed Wall Street estimates for third-quarter profit on Wednesday, as the cybersecurity firm grapples with stiff competition from larger peers, sending its shares down more than 12% in extended trading.

The Mountain View, California-based company reported breakeven earnings on an adjusted basis, compared with analysts' average expectations of a 1 cent profit per share, according to data compiled by LSEG.

Investors have come to expect strong results from cybersecurity companies as the growing threat of high-profile online hacks and data breaches has boosted the demand for digital protection services.

SentinelOne ( S ) has been trying to grab market share in the crowded cybersecurity industry, where larger rivals such as Palo Alto Networks ( PANW ) and CrowdStrike ( CRWD ) are also investing to upgrade their infrastructure and attract clients.

Both Palo Alto and CrowdStrike ( CRWD ) reported strong quarterly results last month.

SentinelOne ( S ) raised its fiscal 2025 revenue forecast to $818 million from its prior projection of $815 million.

The company expects its fourth-quarter revenue to be $222 million, compared with estimates of $220.6 million.

Its revenue for the third quarter came in at $210.6 million, beating market expectations of $209.7 million.