Fortinet (NASDAQ:FTNT) stock is taking off on Friday after the company released its earnings report for the third quarter of 2023.
That bad news comes from its outlook for the fourth quarter of the year. The company is looking for revenue to range from $1.38 billion to $1.44 billion. If that holds true, it would miss Wall Street’s revenue estimate of $1.5 billion for the quarter.
On the flip side of that, the company is expecting diluted earnings per share of between 42 cents and 44 cents during the quarter. That would see it just beat analysts’ estimate of 42 cents per share at the midpoint of that guidance.
2023 Guidance Hits FTNT Stock
Still, the bad news comes back with the company’s revenue guidance of between $5.27 billion and $5.33 billion for the full year of 2023. That’s another case of the company’s revenue likely missing Wall Street’s estimate of $5.4 billion for the year.
Yet again, the company’s diluted EPS estimate of between $1.54 and $1.56 for 2023 would see it bringing in mixed results. That’s set to come in above analysts’ diluted earnings per share estimate of $1.51.
Ken Xie, founder, chairman and CEO of Fortinet, said the following in the earnings report:
“While the Secure Networking market is experiencing slower growth as product demand returns to normal levels following two years of elevated growth, we are leveraging our scale, go-to-market capabilities and engineering expertise to focus our attention on the faster growing SASE and Security Operations markets, in addition to continuing our focus on Secure Networking.”
FTNT stock is down 22.3% as of Friday morning.
Investors looking for more of the most recent stock market stories are going to want to keep reading!
We’re covering all of the biggest stock market stories on Friday! That includes everything happening with shares of Bill Holdings (NYSE:BILL) stock, Innovative International (NASDAQ:IOAC) stock and Altamira Therapeutics (NASDAQ:CYTO) stock today. You can read up on all of these matters at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
