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Fortinet (FTNT) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates
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Fortinet (FTNT - Free Report) reported $1.26 billion in revenue for the quarter ended March 2023, representing a year-over-year increase of 32.2%. EPS of $0.34 for the same period compares to $0.19 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $1.2 billion, representing a surprise of +5.18%. The company delivered an EPS surprise of +21.43%, with the consensus EPS estimate being $0.28.
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.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
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): $1.50 billion compared to the $1.44 billion average estimate based on 10 analysts.
Total deferred revenue: $4.88 billion compared to the $4.88 billion average estimate based on five analysts.
Revenue- Total Product: $500.70 million compared to the $446.23 million average estimate based on 12 analysts. The reported number represents a change of +35% year over year.
Revenue- Services: $761.60 million compared to the $752.88 million average estimate based on 12 analysts. The reported number represents a change of +30.5% year over year.
Gross profit- Services: $647.40 million compared to the $636.97 million average estimate based on 10 analysts.
Gross profit- Product: $307.10 million versus the 10-analyst average estimate of $265.48 million.
Shares of Fortinet have returned -7.2% over the past month versus the Zacks S&P 500 composite's -0.7% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
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Fortinet (FTNT) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates
Fortinet (FTNT - Free Report) reported $1.26 billion in revenue for the quarter ended March 2023, representing a year-over-year increase of 32.2%. EPS of $0.34 for the same period compares to $0.19 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $1.2 billion, representing a surprise of +5.18%. The company delivered an EPS surprise of +21.43%, with the consensus EPS estimate being $0.28.
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.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
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): $1.50 billion compared to the $1.44 billion average estimate based on 10 analysts.
- Total deferred revenue: $4.88 billion compared to the $4.88 billion average estimate based on five analysts.
- Revenue- Total Product: $500.70 million compared to the $446.23 million average estimate based on 12 analysts. The reported number represents a change of +35% year over year.
- Revenue- Services: $761.60 million compared to the $752.88 million average estimate based on 12 analysts. The reported number represents a change of +30.5% year over year.
- Gross profit- Services: $647.40 million compared to the $636.97 million average estimate based on 10 analysts.
- Gross profit- Product: $307.10 million versus the 10-analyst average estimate of $265.48 million.
View all Key Company Metrics for Fortinet here>>>Shares of Fortinet have returned -7.2% over the past month versus the Zacks S&P 500 composite's -0.7% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.