Overview
- Fortinet shares rose about 15% after the company beat forecasts and lifted its outlook, with analysts boosting price targets.
- The company reported $1.85 billion in revenue and $0.82 in adjusted earnings per share, both topping analyst estimates.
- Billings climbed 31% to $2.09 billion, a leading indicator that points to stronger revenue in future quarters.
- Product revenue increased 41% to $645 million, while services revenue reached $1.20 billion.
- Management guided second-quarter revenue to $1.83 billion to $1.93 billion with adjusted EPS of $0.72 to $0.76 and raised full-year targets.