Companies that relied on upsells during the last earnings season are the hardest hit
Cloudflare has its worst day since its initial public offering, and other cybersecurity companies are getting caught up in the same storm.
MarketWatch photo illustration/iStockphoto
Cybersecurity stocks had a bad week after the effects of the Silicon Valley Bank failure showed up in earnings reports — and after a strength that many companies relied on last earnings season shifted to a liability.
Shares of Cloudflare Inc. NET and Tenable Holdings Ltd. TENB, which both logged their worst one-day percentage drops this week, and other companies having a worse week than the ETFMG Prime Cyber Security exchange-traded fund HACK included Zscaler Inc., Okta Inc., CrowdStrike Holdings Inc. and Palo Alto Networks…
