Earnings Highligts
Fortinet (NASDAQ:FTNT) +9.7% beats Q3 estimates with 21% Y/Y revenue growth. The in-line Q4 outlook sees $595-610M in revenue and $0.69-0.71 EPS.
Q4 billings expected from $750-765M, gross margin from 75.5-76.5% and operating margin from 25.5-26%.
For the FY, Fortinet lifts its billings guidance from $2.51-2.54B to $2.55-2.57B. Service revenue raises from $1.34-1.36B to $1.36-1.37B, and adjusted gross margin from 75.5-76.5% to 76.5-77%.
Q3 service revenue totaled $350.4M and product revenue was $197.1M. Billings grew 19% Y/Y to $626.6M.
Source Seeking Alpha
P/E ratio 38
Average analysts price target $96 | Overweight.
Company profile
Fortinet, Inc. provides cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments Network Security, Fortinet Security Fabric, Cloud Security and Internet of Things and Operational Technology. The Network Security segment include majority of product sales from it FortiGate network security appliances. The Fortniet Security Fabric segment provide platform which is an architectural approach that protects the entire digital attack surface, including network core, endpoints, applications, data centers and private and public cloud. Together with it network of Fabric-Ready Partners, the Fortinet Security Fabric platform enables disparate security devices to work together as an integrated, automated and collaborative solution. The Cloud Security segment provides help to the customers connect securely to and across their cloud environments by offering security through it virtual firewall and other software products in public and private cloud environments. The Internet of Things and Operational Technology segment include the proliferation of Internet of Things ("IoT") and an Operational Technology ("OT") device has generated new opportunities for it to grow it business. IoT and OT have created an environment where data move freely between devices across locations, network environments, remote offices, mobile workers and public cloud environments, making the data difficult to consistently track and secure. The company was founded by Ken Xie and Michael Xie in October 2000 and is headquartered in Sunnyvale, CA.
Fortinet (NASDAQ:FTNT) +9.7% beats Q3 estimates with 21% Y/Y revenue growth. The in-line Q4 outlook sees $595-610M in revenue and $0.69-0.71 EPS.
Q4 billings expected from $750-765M, gross margin from 75.5-76.5% and operating margin from 25.5-26%.
For the FY, Fortinet lifts its billings guidance from $2.51-2.54B to $2.55-2.57B. Service revenue raises from $1.34-1.36B to $1.36-1.37B, and adjusted gross margin from 75.5-76.5% to 76.5-77%.
Q3 service revenue totaled $350.4M and product revenue was $197.1M. Billings grew 19% Y/Y to $626.6M.
Source Seeking Alpha
P/E ratio 38
Average analysts price target $96 | Overweight.
Company profile
Fortinet, Inc. provides cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments Network Security, Fortinet Security Fabric, Cloud Security and Internet of Things and Operational Technology. The Network Security segment include majority of product sales from it FortiGate network security appliances. The Fortniet Security Fabric segment provide platform which is an architectural approach that protects the entire digital attack surface, including network core, endpoints, applications, data centers and private and public cloud. Together with it network of Fabric-Ready Partners, the Fortinet Security Fabric platform enables disparate security devices to work together as an integrated, automated and collaborative solution. The Cloud Security segment provides help to the customers connect securely to and across their cloud environments by offering security through it virtual firewall and other software products in public and private cloud environments. The Internet of Things and Operational Technology segment include the proliferation of Internet of Things ("IoT") and an Operational Technology ("OT") device has generated new opportunities for it to grow it business. IoT and OT have created an environment where data move freely between devices across locations, network environments, remote offices, mobile workers and public cloud environments, making the data difficult to consistently track and secure. The company was founded by Ken Xie and Michael Xie in October 2000 and is headquartered in Sunnyvale, CA.