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Why Fortinet Stock Surged Today

TheMotleyFool

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Why Fortinet Stock Surged TodayPhoto, wide shot, wide-angle lens, Data analytics provider, Midday, harsh overhead sunlight, directional sunlightt, photo by Ansel Adams: https://img.midjourneyapi.xyz/temp/d1295d04-cceb-4f1c-be2b-32ca46621336.png

Shares of Fortinet (NASDAQ: FTNT) rose on Thursday after the cybersecurity company reported its first-quarter results. Both revenue and earnings were ahead of analyst expectations, and the company provided second-quarter guidance despite pandemic-related uncertainty. Fortinet stock was up about 20.3% at 12:50 p.m. EDT.

Fortinet reported first-quarter revenue of $576.9 million, up 22% year over year and nearly $23 million higher than the average analyst estimate. Product revenue was up 18% to $192.3 million, while service revenue soared 24.1% to $384.6 million.

Image source: Getty Images.

Source Fool.com

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