Fortinet Inc (NASDAQ:FTNT) stock is trading higher Wednesday after the company reported second-quarter financial results.
Here are the key highlights.
Fortinet Q2 Earnings
Fortinet reported second-quarter revenue of $2.05 billion, up 26% year-over-year. The revenue total beat a Street consensus estimate of $1.89 billion, according to data from Benzinga Pro.
The company reported product revenue of $773 million in the quarter, up 52% year-over-year.
Billings were up 33% year-over-year in the quarter.
Earnings of 90 cents per share beat a Street consensus estimate of 75 cents per share.
“We are very pleased with our excellent second quarter results, which reflect the differentiated value of our innovation in the AI Era,” Fortinet CEO Ken Xie said.
What’s Next for Fortinet
The company sees third-quarter revenue in a range of $2.01 billion to $2.10 billion, higher than a current Street estimate of $1.95 billion.
Earnings per share are expected to be in a range of 83 cents to 87 cents per share for the third quarter, versus a Street estimate of 76 cents per share.
The company raised its full-year guidance and now expects earnings per share in a range of $3.41 to $3.47, up from a prior range of $3.10 to $3.16. The current Street estimate is $3.16 according to Benzinga Pro.
Fortinet also raised its full-year revenue guidance, now expecting $8.02 billion to $8.18 billion. The prior estimated range was $7.71 billion to $7.87 billion. The Street estimates full-year revenue at $7.81 billion.
Fortinet Stock Price Action
Fortinet stock is up 10.30% to $169 in after-hours trading Wednesday versus a 52-week trading range of $70.12 to $170.35.
Image via Shutterstock
