Fortinet rose in extended trading on Thursday, after the cybersecurity firm reporting December-quarter earnings, revenue and billings that topped analyst estimates. The 2022 guidance for Fortinet stock also came in above expectations.
Sunnyvale, Calif.-based Fortinet reported fourth-quarter earnings after the market close. Fortinet stock rose 1.3% to near 301 in extended trading on the stock market today.
Fortinet earnings on an adjusted basis came in at $1.23 cents a share, up 16% from a year earlier. Also, revenue climbed 29% to $963.60 million. Analysts expected Fortinet earnings of $1.15 cents a share on sales of $960.5 million for the period ended Dec. 31.
The cybersecurity firm said billings, a sales growth metric, rose 36% to $1.31 billion compared with analyst estimates of $1.195 billion.
Fortinet Stock: Revenue Outlook Above Views
For full-year 2022, Fortinet said it expects per-share earnings in a range of $4.85 to $5. The cybersecurity firm forecast revenue in a range of $4.275 billion to $4.325 billion. Analysts had projected earnings of $4.62 per share on revenue of $3.965 billion.
Also, Fortinet said it expects 2022 billings in a range of $5.4 billion to $5.480 billion. Analysts had predicted $4.788 billion.
Heading into the Fortinet earnings report, the cybersecurity stock was down 17% in 2022.
The company competes in the firewall network security market versus Palo Alto Networks, Check Point Software Technologies and others. Firewalls block online intrusions and monitor web-based apps.
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Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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