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Fortinet stock declines as earnings top Street view but billings don’t

Fortinet Inc. shares fell in the extended session Thursday even after the cybersecurity company’s results, with the exception of billings, topped Wall Street estimates. Fortinet shares dropped 6% after hours, following a 0.4% decline in the regular session to close at $139.51. The company reported second-quarter net income of $112.1 million, or 68 cents a share, compared with $72.7 million, or 42 cents a share, in the year-ago period. Adjusted earnings were 82 cents a share, compared with 58 cents a share in the year-ago quarter. Revenue rose to $615.5 million from $521.7 million in the year-ago quarter, and billings grew to $711.5 million from $622.4 million a year ago. Analysts surveyed by FactSet had forecast earnings of 65 cents a share on revenue of $599.1 million and billings of $712.1 million. Fortinet expects adjusted third-quarter earnings of 76 cents to 78 cents a share on revenue of $630 million to $645 million and billings of $705 million to $730 million. Analysts expect earnings of 72 cents a share on revenue of $623.5 million and billings of $707.9 million.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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