Shares of cybersecurity firm Fortinet (FTNT) - Get Fortinet Inc. Report were rising more than 12% Friday after the company reported second-quarter earnings ahead of expectations and also issued guidance that topped forecasts.
The company reported second-quarter adjusted earnings of 58 cents per share on revenue that jumped to $521.7 million from $441.3 million. Analysts were expecting the company to report earnings of 50 cents per share on revenue of $511.1 million.
"Our strong performance in the United States contributed to second-quarter billings growth that outpaced our competitors," said CEO Ken Xie.
Those numbers were bolstered by strong third-quarter guidance of earnings between 55 cents and 57 cents per share on revenue between $525 million and $540 million per share. Analysts are expecting the company to report earnings of 53 cents per share on revenue of $523.9 million.
"We expect 2019 to be another year of better-than-industry growth, driven by our advanced security processing technology, new products and services offerings, and new market opportunities," Xie said.
Save 76% with our Summer Break Sale. Subscribe to our premium site Real Money and become a smarter investor! Click here today to sign up!