The cybersecurity firm’s revenue and profit exceeded analyst estimates, driving a sharp rise in its stock price.
Fortinet Inc. (FTNT) reported first-quarter earnings that surpassed Wall Street expectations, fueled by robust demand for its cybersecurity solutions. Revenue rose 20% year-over-year to $1.5 billion, while adjusted earnings per share reached $0.54, beating consensus estimates of $0.48.
The company also issued second-quarter guidance above analyst forecasts, projecting revenue of $1.55 billion to $1.6 billion. In the same period last year, Fortinet posted revenue of $1.3 billion. The upbeat outlook reflects continued strength in enterprise and government spending on security infrastructure.
Shares of Fortinet jumped over 12% in after-hours trading following the announcement, reflecting investor confidence in the company’s growth trajectory.