Fortinet Earnings: FTNT Stock Gains as Q4 Revenue Surges 22%

Fortinet earnings (NASDAQ:FTNT) were released late in the day on Wednesday and the company posted stronger results than what analysts were calling for in their consensus estimate, helping to lift FTNT stock more than 2% after hours.

Fortinet EarningsThe Sunnyvale, Calif.-based cybersecurity software maker said that for its fourth quarter of its fiscal 2019, it brought in net income of $182.8 million, or $1.04 per share. The figure was considerably stronger than the company’s loss of $29 million, or 17 cents per share, from its year-ago quarter.

Fortinet added that its earnings came in at 59 cents per share on an adjusted basis for the period. Analysts were calling for the cybersecurity firm to rake in adjusted earnings of 52 cents per share, according to data compiled by a survey conducted by FactSet.

The company also said its revenue for the fourth quarter reached $507 million, a 21.7% gain when compared to the $416.6 million from its year-ago quarter. Wall Street said it was calling for Fortinet to bring in revenue of $496.3 million, according to data compiled by FactSet.

The cybersecurity firm added that its billings for the period gained 22% when compared to the year-ago quarter, reaching $649.2 million, ahead of the $629.1 million that analysts projected.

FTNT stock was up about 2.4% after the bell following its strong quarterly earnings performance on Wednesday. Shares had been declining by about 0.9% during regular trading hours as the company geared up to report for the period.

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