Why Shares of Fortinet Surged Today
Shares of Fortinet (NASDAQ: FTNT) rose on Friday after the cybersecurity provider reported its second-quarter results. Fortinet beat analyst estimates for both revenue and earnings, and it raised its guidance for the full year. The stock was up about 11.4% at 10:50 a.m. EST.
Fortinet reported second-quarter revenue of $521.7 million, up 18% year over year and about $10.3 million above the average analyst estimate. Product revenue was $189.9 million, up 14%, and service revenue was $331.8 million, up 21%. Billings were up 21% to $622.4 million, driven by Fortinet Security Fabric, SD-WAN, and cloud products.
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