NEW YORK (TheStreet) -- Shares of Fortinet (FTNT) - Get Report are diving 11.03% to $33.07 in after-hours trading on Thursday after the company reported solid results for the 2016 second quarter, but provided a weak outlook.

After today's closing bell, the Sunnyvale, CA-based cyber security solutions company said it sees third quarter earnings per share between 17 cents and 18 cents on revenue of $319 million to $324 million, the Fly reports.

Analysts are modeling earnings of 18 cents per share on revenue of $320.15 million.

For 2016, Fortinet forecasts earnings per share between 69 cents and 71 cents on revenue of $1.27 billion to $1.28 billion, the Fly noted.

Analysts are looking for earnings of 70 cents per share on revenue of $1.27 billion.

For the second quarter, Fortinet posted earnings of 14 cents per diluted share, which matched analysts' expectations. Revenue rose 30% to $311.4 million from last year and was above analysts' projections of $304.8 million.

Billings jumped 26% to $373.8 million year-over-year during the second quarter.

About 2.44 million of the company's shares changed hands today vs. its average volume of 1.57 million shares per day.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations.

But the team also finds weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: FTNT

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