Fortinet Corporation (NASDAQ:FTNT) It announced its first quarter results after the bell on Thursday. Here are the highlights.
Fortinet's quarterly profit was 43 cents per share, beating analysts' consensus estimate of 38 cents.
Quarterly sales rose 6.97% year over year to $1.35 billion, beating analysts' consensus estimates of $1.338 billion.
Product revenue decreased 18.3% year over year to $408.9 million, while service revenue increased 24% to $944.4 million.
Total billings in the first quarter were $1.41 billion, a decrease of 6.4% compared to $1.5 billion in the same quarter of 2023.
“We are committed to leveraging our scale, go-to-market capabilities, customer focus, and engineering expertise to take advantage of the rapidly growing integrated SASE and security operations market while continuing to capture the market. We are diligently implementing the strategy we announced six months ago, which we will share on Secure Networking.” Ken SheeCEO of Fortinet.
See more earnings at FTNT
“We believe our Unified SASE offering is the most comprehensive in the industry, leveraging our expertise in networking and security integration, history of AI innovation, and product integration capabilities to leverage three core growth areas: We believe we are well-positioned to lead” across the FortiOS operating system. ”
Outlook: Fortinet expects second-quarter adjusted earnings of 39 cents to 41 cents per share, compared to expected 40 cents, and revenue of $1.375 billion to $1.435 billion, compared to expected revenue of $1.394 billion. I expect it to be.
Fortinet expects full-year 2024 earnings per share of $1.73 to $1.79, compared to expectations of $1.71, and revenue of $5.745 billion to $5.845 billion, compared to expectations of $5.783 billion. We expect it to be in the dollar range.
Related news: Rivian Automotive receives $827 million incentive package: What's happening with Rivian's stock price?
Stocks of other cybersecurity companies Zscaler Co., Ltd. (NASDAQ:ZS), CrowdStrike Holdings Co., Ltd. (NASDAQ:CRWD) and Sentinel One Co., Ltd. (NYSE:S) is falling along with Fortinet following the report.
FTNT price action: Fortinet stock was down 7.96% in after-hours Thursday at $60.01, according to Benzinga Pro.
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This article, “Cybersecurity company Fortinet's first-quarter results: Lower product revenue, lower revenue, solid outlook” was originally published on Benzinga.com.
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