Arabic Arabic Chinese (Simplified) Chinese (Simplified) Dutch Dutch English English French French German German Italian Italian Portuguese Portuguese Russian Russian Spanish Spanish
| (844) 627-8267

Cybersecurity services provider Fortinet reports strong results; Shares surge By | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #ransomware | #hacking | #aihp

© Reuters. Cybersecurity services provider Fortinet (FTNT) reports strong results; Shares surge

Shares of Fortinet (NASDAQ:) jumped over 12% after the closing bell on Tuesday following the company’s better-than-expected Q4 earnings and revenue.

The cybersecurity firm posted Q4 earnings per share (EPS) of $0.51, beating the consensus estimates of $0.43. Revenue came in at $1.42 billion, up 10% year-over-year, and surpassing the projected $1.41 billion.

Service revenue saw a significant jump of 25% YoY to $927.0 million, exceeding the predicted $914.8 million. However, product revenue declined by 9.6% YoY to $488.1 million, falling short of the anticipated $498.1 million.

Deferred revenue grew by 24% YoY to $5.74 billion, outperforming the estimate of $5.5 billion.

Billings reached $1.86 billion, marking an 8.5% increase YoY, surpassing the expected $1.62 billion.

The adjusted operating margin remained stable at 32%, compared to 32.5% the previous year, and was higher than the expected 27.9%.

Fortinet projects its EPS for the first quarter of 2024 to be between $0.37 and $0.39, aligning with the average analyst expectation of $0.37. The company anticipates Q1 revenue to range from $1.3 billion to $1.36 billion, slightly below the analyst consensus of $1.37 billion.

Billings are seen ranging from $1.39 billion to $1.45 billion in the first quarter, compared to the consensus estimates of $1.47 billion.

For the full year 2024, Fortinet forecasts its EPS to be in the range of $1.65 to $1.70, closely matching the consensus estimate of $1.67. The company’s expected revenue for the year is projected to be between $5.715 billion and $5.815 billion, short of the consensus forecast of $5.93 billion.

Full-year billings are anticipated to be in the range of $6.40 billion to $6.60 billion, while analysts guided for $6.52 billion.

“In the fourth quarter of 2023, Security Operations billings grew 44% year over year and SASE billings increased 19% year over year, driven by our successful sales strategy shift and the improved execution of our sales teams,” said Ken Xie, Founder, Chairman and CEO of Fortinet.

Click Here For The Original Source.