Why Fortinet Shares Fell as Much as 9.5% On Friday
Shares of enterprise cybersecurity specialist Fortinet (NASDAQ: FTNT) crashed on Friday. The stock fell as much as 9.5% in the morning session before climbing back to a milder 7.2% drop at 2:20 p.m. EDT. The sharp downturn stood in stark contrast to the third-quarter earnings report Fortinet posted on Thursday night, beating Wall Street's estimates and following up with rosy guidance for the next quarter.
Fortinet's total third-quarter revenue rose 19% year over year to $651 million, led by a 22% increase in service sales. Adjusted earnings landed at $0.88 per diluted share, 31% above the year-ago period's result. Your average Wall Street analyst would have settled for earnings near $0.78 per share on revenue of approximately $639 million.
Source Fool.com
