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Fortinet (FTNT) Reports Q3 Earnings: What Key Metrics Have to Say
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Fortinet (FTNT - Free Report) reported $1.33 billion in revenue for the quarter ended September 2023, representing a year-over-year increase of 16.1%. EPS of $0.41 for the same period compares to $0.33 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $1.35 billion, representing a surprise of -1.00%. The company delivered an EPS surprise of +10.81%, with the consensus EPS estimate being $0.37.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Fortinet performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Total billings (Non-GAAP): $1.49 billion compared to the $1.59 billion average estimate based on 11 analysts.
Total deferred revenue: $5.29 billion versus the seven-analyst average estimate of $5.37 billion.
Revenue- Total Product: $465.90 million versus the 13-analyst average estimate of $486.82 million. The reported number represents a year-over-year change of -0.6%.
Revenue- Services: $868.70 million versus $859.42 million estimated by 13 analysts on average. Compared to the year-ago quarter, this number represents a +27.6% change.
Gross profit- Services: $749.30 million versus $722.09 million estimated by four analysts on average.
Gross profit- Product: $267.60 million versus $296.16 million estimated by four analysts on average.
Shares of Fortinet have returned -1.6% over the past month versus the Zacks S&P 500 composite's -1.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Fortinet (FTNT) Reports Q3 Earnings: What Key Metrics Have to Say
Fortinet (FTNT - Free Report) reported $1.33 billion in revenue for the quarter ended September 2023, representing a year-over-year increase of 16.1%. EPS of $0.41 for the same period compares to $0.33 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $1.35 billion, representing a surprise of -1.00%. The company delivered an EPS surprise of +10.81%, with the consensus EPS estimate being $0.37.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Fortinet performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Total billings (Non-GAAP): $1.49 billion compared to the $1.59 billion average estimate based on 11 analysts.
- Total deferred revenue: $5.29 billion versus the seven-analyst average estimate of $5.37 billion.
- Revenue- Total Product: $465.90 million versus the 13-analyst average estimate of $486.82 million. The reported number represents a year-over-year change of -0.6%.
- Revenue- Services: $868.70 million versus $859.42 million estimated by 13 analysts on average. Compared to the year-ago quarter, this number represents a +27.6% change.
- Gross profit- Services: $749.30 million versus $722.09 million estimated by four analysts on average.
- Gross profit- Product: $267.60 million versus $296.16 million estimated by four analysts on average.
View all Key Company Metrics for Fortinet here>>>Shares of Fortinet have returned -1.6% over the past month versus the Zacks S&P 500 composite's -1.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.