Why Fortinet Stock Got Crushed Today
Shares of Fortinet (NASDAQ: FTNT) have gotten crushed today, down by 8% as of 3:10 p.m. EDT, after the company reported second-quarter earnings. The results topped expectations and guidance was rosy, so it's unclear why investors were disappointed.
Revenue in the second quarter was $615.5 million, beating the consensus estimate of $599.2 million in sales. That led to adjusted net income of $135.1 million, or $0.82 per share. Wall Street was modeling for just $0.65 per share in adjusted profits. The cybersecurity technology company reported billings of $711.5 million and free cash flow of $216.1 million.
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Source Fool.com
