Fortinet Q2 Results Top Estimates

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Fortinet Q2 Results Top Estimates
Credit: © Reuters.

By Yasin Ebrahim -- 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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