Fortinet (FTNT) Tops Q1 EPS by 9c

Fortinet (NASDAQ: FTNT) reported Q1 EPS of $0.60, $0.09 better than the analyst estimate of $0.51. Revenue for the quarter came in at $576.9 million versus the consensus estimate of $556.69 million.

“Our strong first quarter performance is the result of strategic internal investments we made to deliver industry-leading products and services, expand into adjacent addressable markets, grow our global sales force and invest in the channel,” said Ken Xie, Founder, Chairman and Chief Executive Officer. “Fortinet is an important strategic partner to our customers. Our proprietary FortiASIC security processing unit (SPU) can deliver 10 times the VPN throughput capacity of comparable competitor solutions to support teleworkers. This significant competitive advantage is one reason we believe we will continue to gain market share during a period of tougher economic conditions. We believe our industry-validated teleworker and secure SD-WAN offerings, along with our SPU-driven FortiGates, Security Fabric platform and hybrid- and multi-cloud offerings, provide companies with more cost-effective solutions across their entire digital infrastructure.”

GUIDANCE:

Fortinet sees Q2 2020 EPS of $0.64-$0.66, versus the consensus of $0.60. Fortinet sees Q2 2020 revenue of $590-605 million, versus the consensus of $597.4 million.

For earnings history and earnings-related data on Fortinet (FTNT) click here.

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