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Varonis stock falls as forecast cut due to coronavirus pandemic

Varonis Systems Inc. shares fell in the extended session Monday after the data security company cut its outlook for the first quarter and pulled its forecast for the year because of the COVID-19 pandemic. Varonis shares fell 5.2%, following a 7.6% rise to close the regular session at $56.90. Varonis said it now expects revenue of $53.9 million to $54.3 million for the first quarter, and withdrew its guidance for the year. Analysts surveyed by FactSet had forecast $58.7 million for the first quarter, based on the company’s previous estimate of $59 million to $60 million, and $282.1 million for the year, based on a guidance of $286 million to $292 million. “We had a strong start to 2020, but with the spread of the global COVID-19 pandemic, our customers’ immediate focus turned to employee safety, just as ours did, which caused many to defer purchasing decisions at the end of the quarter,” said Yaki Faitelson, Varonis chief executive, in a statement. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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