Fortinet FTNT reported first-quarter monetary outcomes after the bell on Thursday. Here are the highlights.
Fortinet’s quarterly revenue was 43 cents per share, beating analysts’ consensus estimate of 38 cents.
Quarterly gross sales rose 6.97% 12 months over 12 months to $1.35 billion, beating analysts’ consensus estimates of $1.338 billion.
Product income decreased 18.3% 12 months over 12 months to $408.9 million, whereas service income elevated 24% to $944.4 million.
Total billings within the first quarter had been $1.41 billion, a lower of 6.4% in comparison with $1.5 billion in the identical quarter of 2023.
“We are dedicated to leveraging our scale, go-to-market capabilities, buyer focus, and engineering experience to benefit from the quickly rising built-in SASE and safety operations market whereas persevering with to seize the market. “We are passionately executing on the technique we introduced six months in the past to realize market share in safe networking,” mentioned Fortinet CEO Ken Xie.
“We imagine our Unified SASE providing is essentially the most complete within the business, leveraging our experience in networking and safety integration, historical past of AI innovation, and product integration capabilities to leverage three core progress areas: We imagine we’re well-positioned to guide” throughout the FortiOS working system. ”
Outlook: Fortinet expects second-quarter adjusted earnings of between 39 cents and 41 cents per share, in comparison with expectations of 40 cents, and income of $1.375 billion, in comparison with expectations of $1.394 billion. The firm expects gross sales to succeed in $1.435 billion.
Fortinet expects full-year 2024 earnings per share of $1.73 to $1.79, in comparison with expectations of $1.71, and income of $5.745 billion to $5.845 billion, in comparison with expectations of $5.783 billion. We count on it to be within the greenback vary.
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In response to this publication, the inventory costs of different cybersecurity firms, together with Zscaler, Inc. ZS, CrowdStrike Holdings, Inc. CRWD, and SentinelOne, Inc. S, have fallen in step with Fortinet.
FTNT Price Action: Fortinet inventory was down 7.96% in after-hours Thursday at $60.01, in keeping with Benzinga Pro.
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