From Nasdaq: 2024-05-03 09:16:00

Fortinet Inc. (FTNT) reported strong Q1 2024 results with earnings of 43 cents per share, beating estimates by 13.16%, and revenues of $1.353 billion, up 7.2% year over year. Margins improved, with the gross margin expanding to 78.1%. Cash and cash equivalents reached $3 billion at the end of the quarter.

Looking ahead, Fortinet expects Q2 revenues of $1.375-$1.435 billion and full-year 2024 revenues of $5.745-$5.845 billion. The company forecasts non-GAAP EPS of 39-41 cents for Q2 and $1.73-$1.79 for the full year. Fortinet’s stock carries a Zacks Rank #3 (Hold) and has gained 11.4% year to date.

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Read more at Nasdaq: Fortinet (FTNT) Q1 Earnings Beat Expectations, Sales Rise Y/Y