Fortinet (FTNT) on Thursday reported adjusted first-quarter earnings and revenue that topped expectations and forecast June quarter profit and sales above views.
Fortinet said earnings surged to 33 cents a share, up 94% from a year ago. Revenue rose 17% to $399 million for the period ended March 31, topping consensus estimate. A year earlier, it earned 17 cents a share on sales of $340.6 million. Analysts expected the company to report earnings of 24 cents on sales of $390 million.
For the June quarter, it forecast profit of 35 cents a share, a penny above estimates of 34 cents. Fortinet expects revenue of $425 million at its midpoint of guidance vs. estimates of $415 million.
Shares in the cybersecurity firm were up 0.7% to 56.15, in after-hours trading on the stock market today.
Facing Cisco, Palo Alto
Fortinet competes in the corporate "firewall" security market vs. Palo Alto Networks (PANW), Cisco Systems (CSCO) and others. Firewalls are located between private networks and the internet, and they block unauthorized traffic.
There's been speculation 2018 could be the start of an upgrade cycle, with companies buying next-generation firewall products. Fortinet's customers include government agencies and telecom firms.
IBD's Computer-Software security group is ranked a lofty No. 7 out of 197 industry groups. Palo Alto Networks has the group's highest Composite Rating.
Cybersecurity firm Black Carbon prices its initial public offering late Thursday. Black Carbon launches the IPO Friday.
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The post Fortinet Earnings, Top-Line Beat On Firewall Security Upgrade Cycle appeared first on Investor's Business Daily.
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