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Fortinet (FTNT) Reports Q2 Earnings: What Key Metrics Have to Say
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For the quarter ended June 2023, Fortinet (FTNT - Free Report) reported revenue of $1.29 billion, up 25.5% over the same period last year. EPS came in at $0.38, compared to $0.24 in the year-ago quarter.
The reported revenue represents a surprise of -0.72% over the Zacks Consensus Estimate of $1.3 billion. With the consensus EPS estimate being $0.34, the EPS surprise was +11.76%.
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): $1.54 billion versus $1.58 billion estimated by 10 analysts on average.
Revenue- Europe Middle East and Africa: $506.90 million compared to the $488.29 million average estimate based on two analysts. The reported number represents a change of +29.4% year over year.
Geographic Revenue- Americas: $537 million compared to the $535.33 million average estimate based on two analysts. The reported number represents a change of +29.8% year over year.
Revenue- Asia Pacific and Japan: $248.90 million versus $266.89 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +10.8% change.
Revenue- Total Product: $472.60 million compared to the $489.68 million average estimate based on 12 analysts. The reported number represents a change of +17.9% year over year.
Revenue- Services: $820.20 million versus the 12-analyst average estimate of $812.32 million. The reported number represents a year-over-year change of +30.3%.
Gross profit- Services: $698.90 million versus $691.21 million estimated by 10 analysts on average.
Gross profit- Product: $298.10 million versus $296.97 million estimated by 10 analysts on average.
Shares of Fortinet have remained unchanged over the past month versus the Zacks S&P 500 composite's +1.5% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term.
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Fortinet (FTNT) Reports Q2 Earnings: What Key Metrics Have to Say
For the quarter ended June 2023, Fortinet (FTNT - Free Report) reported revenue of $1.29 billion, up 25.5% over the same period last year. EPS came in at $0.38, compared to $0.24 in the year-ago quarter.
The reported revenue represents a surprise of -0.72% over the Zacks Consensus Estimate of $1.3 billion. With the consensus EPS estimate being $0.34, the EPS surprise was +11.76%.
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): $1.54 billion versus $1.58 billion estimated by 10 analysts on average.
- Revenue- Europe Middle East and Africa: $506.90 million compared to the $488.29 million average estimate based on two analysts. The reported number represents a change of +29.4% year over year.
- Geographic Revenue- Americas: $537 million compared to the $535.33 million average estimate based on two analysts. The reported number represents a change of +29.8% year over year.
- Revenue- Asia Pacific and Japan: $248.90 million versus $266.89 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +10.8% change.
- Revenue- Total Product: $472.60 million compared to the $489.68 million average estimate based on 12 analysts. The reported number represents a change of +17.9% year over year.
- Revenue- Services: $820.20 million versus the 12-analyst average estimate of $812.32 million. The reported number represents a year-over-year change of +30.3%.
- Gross profit- Services: $698.90 million versus $691.21 million estimated by 10 analysts on average.
- Gross profit- Product: $298.10 million versus $296.97 million estimated by 10 analysts on average.
View all Key Company Metrics for Fortinet here>>>Shares of Fortinet have remained unchanged over the past month versus the Zacks S&P 500 composite's +1.5% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term.