Fortinet Top Earning Estimates, Cybersecurity Stock Soars In Strong Direction| Investor’s daily business
Fortinet (FTNT) on Tuesday reported December quarter earnings that beat analyst estimates. The cybersecurity company’s 2023 revenue and payout guidance for FTNT stock also beat expectations. Stocks rallied on the news.
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For the fourth quarter, Fortinet earnings on an adjusted basis were 44 cents, up 76% from a year earlier. Additionally, revenue grew 33% to $1.28 billion, just below estimates.
Analysts expect Fortinet earnings of 39 cents a share on revenue of $1.295 billion for the period ended December 31.
The company is headquartered in Sunnyvale, Calif.
FTNT Stock: Guide to Top Views
For the full year of 2023, Fortinet said it expects earnings per share of $1.40 at the median of its outlook. The cybersecurity company forecasts revenue between $5.37 billion and $5.43 billion.
Analysts had expected earnings of $1.40 per share on revenue of $5.34 billion.
Additionally, Fortinet said it expects the 2023 bills to be between $6.71 billion and $6.79 billion. Analysts had predicted $6.685 billion.
Fortinet stock jumped 17% to nearly 63 in extended trading on stock market today.
Stocks up 10% this year
In Fortinet’s earnings report, cybersecurity stock is up 10% in 2023.
The company competes in the firewall network security market vs Palo Alto . Network (PANW), Checkpoint software technology (CHKP) and others. Firewalls block online intrusions and monitor web-based applications.
FTNT stock has a Relative Strength Rating of 50 out of the best 99 possible, according to Check IBD Stocks.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless networks, artificial intelligence, cybersecurity, and cloud computing.
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