February 29, 2024

Cybersecurity Giant Fortinet Stocks Shoots Higher

Fortinet, Inc. (NASDAQ:FTNT) shares are trading higher after the company reported better-than-expected fourth-quarter financial results after the bell Tuesday. Here’s a look at the highlights.

Fortinet reported quarterly earnings of 51 cents per share, which beat the analyst consensus estimate of 43 cents by 18.6%.

The company reported quarterly sales of $1.42 billion, beating the analyst consensus estimate of $1.41 billion by 0.78% and representing a 10.68% increase over sales of $1.28 billion from last year.

“In the fourth quarter of 2023, Security Operations billings grew 44% year over year and SASE billings increased 19% year over year, driven by our successful sales strategy shift and the improved execution of our sales teams,” said Ken Xie, CEO of Fortinet.

“Our platform strategy is resonating with enterprises worldwide as we are a leader in Secure Networking and are the #1 firewall vendor for units shipped with FortiGates accounting for over half of the global deployment,” Xie continued.

View more earnings on FTNT

Fortinet sees first-quarter adjusted earnings between 37 cents and 39 cents per share, versus the 37 cents estimate, and first-quarter revenue between $1.3 billion and $1.36 billion, versus the $1.26 billion estimate.

Fortinet anticipates full-year 2024 revenue between $5.71 billion and $5.81 billion and an adjusted EPS of $1.65 to $1.70.

Related News: What’s Going On With Rivian Automotive Stock?

FTNT Price Action: According to Benzinga Pro, Fortinet shares are trading up 9.66% after-hours at $74.01 at the time of publication.

Image: Pete Linforth from Pixabay

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This article Cybersecurity Giant Fortinet Stocks Shoots Higher – Investors Cheer Q4 Performance, Outlook originally appeared on Benzinga.com

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