Fortinet stock surges on earnings beat, strong outlook
Fortinet Inc. shares rallied in the extended session Thursday after the cybersecurity company topped Wall Street estimates and issued a strong outlook. Fortinet shares surged 8.8% after hours, following a 1.6% decline in the regular session to close at $79.02. The company reported second-quarter net income of $72.7 million, or 42 cents a share, compared with $49.3 million, or 28 cents a share, in the year-ago period. Adjusted earnings were 58 cents a share. Revenue rose to $521.7 million from $441.3 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 50 cents on revenue of $511.1 million. Fortinet expects adjusted earnings of 55 cents to 57 cents a share on revenue of $525 million to $540 million for the third quarter, and $2.23 to $2.26 a share on revenue of $2.1 billion to $2.12 billion for the year. Analysts had forecast earnings of 53 cents a share on revenue of $523.9 million for the third quarter, and $2.14 a share on revenue of $2.09 billion for the year.
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