Darktrace falls below float price after prospective clients turn cautious

LONDON: Cyber-security company Darktrace cut its revenue forecast on Wednesday after prospective customers turned more reluctant to run product trials due to the worsening economic environment, sending its shares below their 2021 listing price.

The British company, which was worth 7.2 billion pounds ($8.71 billion) in September 2021, said it expected its constant currency annual recurring revenue (ARR) to increase by between 29.0% and 31.5% in the year to end-June, down from its previous forecast of 31% to 34%.