Stimulus Check Up | Apr 8, 2022 | 0
Fortinet beats Wall Street expectations for Q2 thanks to sales in the Americas
Fortinet delivered strong second quarter growth thanks to an expansion in business from EMEA and the Americas.
Fortinet delivered second quarter revenue of $801.1 million, up 29.7% from a year ago. For the second quarter, Fortinet’s non-GAAP earnings of $0.95 a share were above expectations.
Wall Street was expecting Fortinet to report second quarter earnings of $0.87 a share on revenue of $744.14 million.
For 2021, Fortinet is projecting revenue of $3.21 billion to $3.25 billion with non-GAAP earnings of $3.75 to $3.90 a share.
For the third quarter, Fortinet is projecting revenue between $800 million and $815 million with non-GAAP earnings between $0.90 and $0.95 a share.
In Q4, the company updated its FortiOS operating system with more than 300 new features including Zero Trust Network Access capabilities and tools to better secure networks and proliferating end points.
Fortinet announced in March that it was investing $75 million in router maker Linksys as part of a “strategic alliance” aimed at securing work from home networks.
Ahead of the earnings call, the company unveiled a new FortiGate 3500F Next-Generation Firewall that is designed to protect organizations with hybrid data centers against ransomware and other attacks.
Fortinet CMO John Maddison added that Fortinet is also “redefining services by expanding its security services options — which currently include FortiCare and FortiGuard — with FortiTrust, enabling a unified offering with one licensing model for flexible consumption options across networks, endpoints, and clouds.”