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

by | Feb 7, 2023 | Stock Market

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. Fortinet
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 billi …

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