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Fortinet (FTNT) Q1 Earnings: How Key Metrics Compare to Wall Street Estimates
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For the quarter ended March 2024, Fortinet (FTNT - Free Report) reported revenue of $1.35 billion, up 7.2% over the same period last year. EPS came in at $0.43, compared to $0.34 in the year-ago quarter.
The reported revenue represents a surprise of +1.40% over the Zacks Consensus Estimate of $1.33 billion. With the consensus EPS estimate being $0.38, the EPS surprise was +13.16%.
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): $1.41 billion versus the 10-analyst average estimate of $1.43 billion.
Total deferred revenue: $5.79 billion versus $5.83 billion estimated by six analysts on average.
Revenue- Europe Middle East and Africa: $539.40 million versus the two-analyst average estimate of $506.08 million. The reported number represents a year-over-year change of +12.8%.
Geographic revenues- Total Americas: $557 million versus $543.95 million estimated by two analysts on average.
Revenue- Asia Pacific and Japan: $256.90 million versus the two-analyst average estimate of $281.33 million. The reported number represents a year-over-year change of -1.4%.
Revenue- Total Product: $408.90 million compared to the $416.57 million average estimate based on 12 analysts. The reported number represents a change of -18.3% year over year.
Revenue- Services: $944.40 million versus $916.57 million estimated by 12 analysts on average. Compared to the year-ago quarter, this number represents a +24% change.
Gross profit- Product Non-GAAP: $227.60 million versus $236.54 million estimated by nine analysts on average.
Gross profit- Service Non-GAAP: $829.80 million versus $789.89 million estimated by nine analysts on average.
Gross profit- Product: $226.10 million versus $252.48 million estimated by three analysts on average.
Gross profit- Services: $822.50 million versus $761.64 million estimated by three analysts on average.
Shares of Fortinet have returned -10.9% over the past month versus the Zacks S&P 500 composite's -4.2% 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) Q1 Earnings: How Key Metrics Compare to Wall Street Estimates
For the quarter ended March 2024, Fortinet (FTNT - Free Report) reported revenue of $1.35 billion, up 7.2% over the same period last year. EPS came in at $0.43, compared to $0.34 in the year-ago quarter.
The reported revenue represents a surprise of +1.40% over the Zacks Consensus Estimate of $1.33 billion. With the consensus EPS estimate being $0.38, the EPS surprise was +13.16%.
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): $1.41 billion versus the 10-analyst average estimate of $1.43 billion.
- Total deferred revenue: $5.79 billion versus $5.83 billion estimated by six analysts on average.
- Revenue- Europe Middle East and Africa: $539.40 million versus the two-analyst average estimate of $506.08 million. The reported number represents a year-over-year change of +12.8%.
- Geographic revenues- Total Americas: $557 million versus $543.95 million estimated by two analysts on average.
- Revenue- Asia Pacific and Japan: $256.90 million versus the two-analyst average estimate of $281.33 million. The reported number represents a year-over-year change of -1.4%.
- Revenue- Total Product: $408.90 million compared to the $416.57 million average estimate based on 12 analysts. The reported number represents a change of -18.3% year over year.
- Revenue- Services: $944.40 million versus $916.57 million estimated by 12 analysts on average. Compared to the year-ago quarter, this number represents a +24% change.
- Gross profit- Product Non-GAAP: $227.60 million versus $236.54 million estimated by nine analysts on average.
- Gross profit- Service Non-GAAP: $829.80 million versus $789.89 million estimated by nine analysts on average.
- Gross profit- Product: $226.10 million versus $252.48 million estimated by three analysts on average.
- Gross profit- Services: $822.50 million versus $761.64 million estimated by three analysts on average.
View all Key Company Metrics for Fortinet here>>>Shares of Fortinet have returned -10.9% over the past month versus the Zacks S&P 500 composite's -4.2% 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.