Fortinet Q2 Results Top Estimates
2022.08.04 01:49
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.
