Cybersecurity Fortinet Stocks Rise as Investors Applaud Q4 Results, Outlook

The stock of Fortinet, Inc. (NASDAQ:FTNT) is rising following Tuesday's announcement of the company's better-than-expected financial results for the fourth quarter. Take a look at these key points.

With 51 cents per share, Fortinet's quarterly earnings were 18.6% higher than the 43 cents predicted by analysts.

As a whole, the company's quarterly revenues were $1.42 billion, up 10.68% year-over-year from $1.28 billion, and up 0.78% from the analyst average expectation.

"In the fourth quarter of 2023, Security Operations billings grew 44% year over year and SASE billings increased 19% year over year, driven by our successful sales strategy shift and the improved execution of our sales teams," stated Ken Xie, chief executive officer of Fortinet.

Our platform strategy is resonating with enterprises worldwide as we are a leader in Secure Networking and are the #1 firewall vendor for units shipped with FortiGates accounting for over half of the global deployment," explained Xie.

Instead of the 37 cents predicted, Fortinet anticipates first-quarter adjusted earnings of 37 to 39 cents per share

and first-quarter sales of $1.3 billion to $1.36 billion, up from the $1.26 billion forecast.

Fortinet expects adjusted earnings per share (EPS) of $1.65 to $1.70 in 2024 and full-year sales of $5.71 billion to $5.81 billion.