Fortinet Surges on Strong Q4 Performance and Earnings Beat
Fortinet's stock surged after the company reported better-than-expected Q4 financial results, with earnings of 51 cents per share and sales of $1.42 billion, representing a 10.68% increase over last year. CEO Ken Xie highlighted strong growth in Security Operations and SASE billings, and the company's position as a leader in Secure Networking and firewall deployment. Fortinet's outlook for Q1 and full-year 2024 also exceeded estimates, with anticipated revenue between $5.71 billion and $5.81 billion and adjusted EPS of $1.65 to $1.70.