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Fortinet Q2 Results Top Estimates

By Yasin Ebrahim 

Investing.com -- Fortinet reported second-quarter results that topped Wall Street estimates, as growing demand for cybersecurity bolstered performance.   

Fortinet (NASDAQ:FTNT) fell more than 7% in afterhours trading.

The cybersecurity firm reported earnings of $0.24 per share on revenue of $1.03 billion, topping Wall Street estimates of $0.22 and $1.03 billion, respectively. 

The beat on the top and bottom line was attributed to "strong revenue and billings growth in the second quarter driven by an over 50% year-over-year increase in the number of transactions larger than one million dollars," the company said. 

Total bookings were $1.38 billion for the second quarter of 2022, an increase of 42.1% compared to $967.9 million for the same quarter of 2021. 

Looking ahead, the company forecast third-quarter earnings in a range of $0.26 and $0.28 on revenue of between $1.11 billion and $1.14 billion. That compared with analysts' estimates for 27 cents on revenue of $1.13 billion. 

For the year, earnings were forecast in a range of $1.01 to $1.06 a share on revenue of $4.35 billion to $4.4 billion for the year. Analysts had estimated earnings of $1.03 a share on revenue of $4.39 billion.

 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.