Fortinet (NASDAQ:FTNT) stock skyrockets by 25% following a stellar second-quarter earnings report, making it the top gainer on Wall Street today.
Fortinet exceeded both earnings and revenue expectations for the fiscal second quarter, reporting earnings of 57 cents per share on revenue of $1.43 billion, surpassing estimates of 41 cents per share on $1.40 billion in revenue.
Wall Street analysts, including Jefferies’ Joseph Gallo, are impressed by Fortinet’s performance:
“Q2 billings of flat year-over-year growth was better than feared while 35% operating margin was vastly better than expected. Fortinet maintained 2024 billings guide but deferred (firewall) product refresh expectations to 2025. Shares should see a higher floor given better margins which appear sustainable.”
In addition, Fortinet provided an optimistic revenue guidance range of $1.445 billion to $1.505 billion, aligning with projections of $1.47 billion.
Analysts speculate that Fortinet may be on the brink of a potential resurgence, with UBS analyst Roger Boyd highlighting the company’s strategic initiatives for 2025.
FTNT Stock Performance Overview
Following today’s remarkable gains, FTNT stock has rebounded to positive territory for the year after a lackluster start. Previously down by 4% year-to-date, the stock now boasts a 21% increase, nearing its all-time high of $78 per share in July 2023.
Disclaimer: The opinions expressed in this article are those of the writer, and the author does not hold any positions in the securities mentioned. The editor also has no positions in the securities discussed.
About the Author: Shrey Dua, a seasoned journalist with expertise in economics, provides insightful analysis on various financial topics, from regulatory matters to industry trends.
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