Fortinet Reports Fourth Quarter and Full Year 2023 Financial Results
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Go back to Fortinet Reports Fourth Quarter and Full Year 2023 Financial Results
February 7, 2024 6:51 AM EST
Cantor Fitzgerald analyst Yi Fu Lee assumes coverage on Fortinet (NASDAQ: FTNT) with a Neutral rating and a price target of $50.00.
The analyst comments "We are assuming coverage of Fortinet at a Neutral rating and raising our PT to $75 from $50 on better-than-feared execution. Fortinet... More
February 6, 2024 5:20 PM EST
(Updated - February 7, 2024 6:51 AM EST)
Shares of Fortinet (NASDAQ: FTNT) jumped over 8.5% in early Wednesday trade following the companys better-than-expected Q4 earnings and revenue.
The cybersecurity firm posted Q4 earnings per share (EPS) of $0.51, beating the consensus estimates of $0.43. Revenue came in at $1.42 billion, up 10% year-over-year, and surpassing the projected $1.41 billion.
Service revenue saw a significant jump of 25% YoY to $927.0 million, exceeding the predicted $914.8 million. However, product revenue declined by 9.6% YoY to $488.1 million, falling short of the anticipated $498.1 million.
Deferred... More
February 6, 2024 4:08 PM EST
Fortinet (NASDAQ: FTNT) reported Q4 EPS of $0.51, $0.08 better than the analyst estimate of $0.43. Revenue for the quarter came in at $1.42 billion versus the consensus estimate of $1.41 billion.
GUIDANCE:
Fortinet sees Q1 2024 EPS of $0.37-$0.39, versus the consensus of $0.37. Fortinet sees Q1... More
