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ServiceNow and Fortinet results weigh on software stocks; Alphabet slides too

Stocktwits reports ServiceNow and Fortinet missed lofty expectations, dragging software peers and the IGV ETF down 3%; Alphabet fell nearly 10%.

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what happened

Software stocks came under pressure overnight after quarterly reports from ServiceNow (NOW) and Fortinet (FTNT) fell short of investor hopes, according to Stocktwits. Fortinet shares dropped more than 25% as its product revenue growth slowed to 37% in the third quarter from 52% in the second, and its billings and revenue beat was smaller than the market wanted. Palo Alto Networks (PANW) lost 5.5% in sympathy.

ServiceNow's adjusted earnings came in at $1 per share against $1.17 expected by analysts. Revenue and remaining performance obligations both rose 20.5%, to $4.13 billion and $13.65 billion, ahead of forecasts, but the fourth-quarter RPO growth outlook of 18.5% was below Bloomberg's 19% estimate. Salesforce (CRM) fell 4.7%, Intuit (INTU) and Adobe (ADBE) each lost about 2%, and the IGV ETF, a proxy for SaaS, declined 3%.

Alphabet (GOOGL) added to the pressure, falling nearly 10% after Google Services revenue, mostly from advertising, came in at $96.3 billion versus $98.5 billion expected, according to The Wall Street Journal. Its cloud unit's sales doubled over the same period.

why it matters

SaaS stocks had rebounded in recent months after a steep slide earlier in the year, so the reaction suggests investors still doubt that growth will hold up. Retail sentiment on Stocktwits was mixed.

market impact

Software stocks and IGV: weak ServiceNow and Fortinet results pressure the SaaS sector

  • IGV (SaaS ETF) pressure down — ServiceNow and Fortinet results below expectations reduce interest in the sector
  • Alphabet shares pressure down — weak advertising revenue in Google Services disappointed investors

tags

ETFEarningsStockUnited States

instruments

IGVNOWFTNTGOOGLCRMPANW

sources

  1. ServiceNow, Fortinet Results Dent SaaS Sentiment: CRM, PANW, INTU, ADBE Slide In Sympathy — Stocktwits, 29 October 2026 at 01:59 UTC

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