Fortinet earnings and revenue topped March-quarter analyst estimates late Thursday, while the cybersecurity firm’s guidance also came in above expectations. Fortinet stock edged up on the news.
Sunnyvale, Calif.-based Fortinet (FTNT) reported adjusted earnings of 81 cents a share, up 35% from a year earlier. Also, Fortinet revenue climbed 23% to $710.3 million.
Analysts expected Fortinet earnings of 74 cents a share on sales of $681.3 million for the period ended March 31. A year earlier, Fortinet earned 60 cents a share on sales of $577 million.
The cybersecurity firm said March quarter billings, a sales growth metric, rose 27% to $850.6 million versus estimates of $774.3 million.
Fortinet Stock Belongs To IBD 50
For the June quarter, Fortinet forecast revenue of $740 million at the midpoint of its forecast vs. estimates of $732 million. The cybersecurity firm said it expects billings of $870 million vs. estimates of $841 million.
Fortinet stock rose 0.5% to near 196.50 in extended trading on the stock market today. Fortinet stock ranks No. 48 in the IBD 50 roster of growth stocks.
The company competes in the firewall network security market versus Palo Alto Networks (PANW), Check Point Software Technologies (CHKP), Cisco Systems (CSCO) and others.
Firewalls block online intrusions and monitor web-based apps. Growth in the firewall market has slowed, mainly due to a corporate shift to cloud computing. But analysts view Fortinet as a market share gainer.
Heading into the Fortinet earnings report, the cybersecurity stock was extended above an entry point of 152.05. Fortinet stock owned a Relative Strength Rating of only 81 out of a possible 99, according to IBD MarketSmith analysis.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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