Fortinet shares surge more than 15% after earnings, outlook beats

Fortinet Inc. shares rallied in the extended session Tuesday after the cybersecurity company’s earnings topped Wall Street estimates, and its outlook forecast a slightly better-than-expected year.


shares surged as much as 18% after hours, following a 3.4% rise in the regular session to close at $53.78.

The company reported fourth-quarter net income of $313.8 million, or 40 cents a share, compared with $199 million, or 24 cents a share, in the year-ago period.

Adjusted earnings, which exclude stock-based compensation expenses and other items, were 44 cents a share, compared with 25 cents a share in the year-ago period.

Revenue rose to $1.28 billion from $963.6 million in the year-ago quarter, while billings rose 32% to $1.72 billion.

Analysts surveyed by FactSet had forecast 39 cents a share on revenue of $1.3 billion and billings of $1.7 billion.

“Our market-share gains are being driven by Fortinet’s integrated and single-platform approach to cybersecurity,” said Ken Xie, Fortinet’s founder, chairman and chief executive, in a statement. “Given our cost-for-performance advantage, the convergence of security and networking, and the consolidation of products and vendors, we expect to continue our solid growth trajectory.”

Fortinet forecast earnings of 27 cents to 29 cents a share on revenue of $1.18 billion to $1.22 billion for the first quarter, on billings of $1.42 billion to $1.47 billion.

Analysts had estimated 28 cents a share on revenue of $1.18 billion and billings of $1.42 billion for the first quarter

For the year, Fortinet forecast earnings of $1.39 to $1.41 a share on revenue of $5.37 billion to $5.43 billion, and billings of $6.71 billion to $6.79 billion.

Analysts, on average, had estimated $1.40 a share on revenue of $5.34 billion, and billings of $6.7 billion for the year.

Source link


Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *