Fortinet (FTNT) on Thursday reported adjusted third-quarter profit and revenue that topped estimates with December quarter guidance just above expectations. Fortinet stock dropped in after-hours trading.
XThe cybersecurity firm said adjusted earnings were 49 cents a share, up 75% from a year ago, with revenue rising 21% to 454 million, topping analyst forecasts. A year earlier, Fortinet earned 28 cents a share on sales of $374 million. Analysts expected Fortinet to report earnings of 42 cents on sales of $450.8 million for the period ended Sept. 30.
For the December quarter, Fortinet predicts earnings of 51 cents and revenue of $495 million. Analysts had projected 50-cent profit on revenue of $492 million.
Fortinet Stock: Competing With Palo Alto, Cisco
Shares in the maker of computer security software fell 5.6% to 79 in after-hours trading on the stock market today.
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.
Fortinet's customers include government agencies and telecom firms. The company's stock had shot up 117% from a year ago as of Thursday's market close.
IBD's Computer-Software Security group is ranked No. 39 out of 197 industry groups.
YOU MAY ALSO LIKE:
Next Big Thing In Cloud Computing Puts Amazon And Its Peers On The Edge
Cybersecurity Stocks To Watch Amid Shift To Cloud, AI Software Tools
Improve Your Investing Results With This Simple 3-Step Routine
Chart-Reading Basics: How A Buy Point Marks A Time Of Real Opportunity
The post Fortinet Stock Falls As Earnings Beat, Outlook Just Above Estimates appeared first on Investor's Business Daily.
http://feedproxy.google.com/~r/BusinessRss/~3/y-6FB2gK7EM/
No comments:
Post a Comment