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Fortinet (FTNT) Reports Q3 Earnings: What Key Metrics Have to Say
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Fortinet (FTNT - Free Report) reported $1.51 billion in revenue for the quarter ended September 2024, representing a year-over-year increase of 13%. EPS of $0.63 for the same period compares to $0.41 a year ago.
The reported revenue represents a surprise of +2.09% over the Zacks Consensus Estimate of $1.48 billion. With the consensus EPS estimate being $0.51, the EPS surprise was +23.53%.
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): $1.58 billion versus the 10-analyst average estimate of $1.57 billion.
Total deferred revenue: $6.01 billion versus $5.98 billion estimated by six analysts on average.
Revenue- Europe Middle East and Africa: $599.30 million versus $569.45 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +17% change.
Geographic revenues- Total Americas: $624 million versus $603.63 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +14.4% change.
Revenue- Asia Pacific and Japan: $284.80 million versus $296.44 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +2.9% change.
Revenue- Total Product: $473.90 million compared to the $471.69 million average estimate based on 12 analysts. The reported number represents a change of +1.7% year over year.
Revenue- Services: $1.03 billion versus $1.01 billion estimated by 12 analysts on average. Compared to the year-ago quarter, this number represents a +19.1% change.
Gross profit- Product Non-GAAP: $339.40 million compared to the $300.95 million average estimate based on nine analysts.
Gross profit- Service Non-GAAP: $915.70 million versus $876.33 million estimated by nine analysts on average.
Gross profit- Product: $337.80 million versus the four-analyst average estimate of $298.95 million.
Gross profit- Services: $906.90 million compared to the $861.34 million average estimate based on four analysts.
Shares of Fortinet have returned +0.7% over the past month versus the Zacks S&P 500 composite's +3.2% 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) Reports Q3 Earnings: What Key Metrics Have to Say
Fortinet (FTNT - Free Report) reported $1.51 billion in revenue for the quarter ended September 2024, representing a year-over-year increase of 13%. EPS of $0.63 for the same period compares to $0.41 a year ago.
The reported revenue represents a surprise of +2.09% over the Zacks Consensus Estimate of $1.48 billion. With the consensus EPS estimate being $0.51, the EPS surprise was +23.53%.
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): $1.58 billion versus the 10-analyst average estimate of $1.57 billion.
- Total deferred revenue: $6.01 billion versus $5.98 billion estimated by six analysts on average.
- Revenue- Europe Middle East and Africa: $599.30 million versus $569.45 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +17% change.
- Geographic revenues- Total Americas: $624 million versus $603.63 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +14.4% change.
- Revenue- Asia Pacific and Japan: $284.80 million versus $296.44 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +2.9% change.
- Revenue- Total Product: $473.90 million compared to the $471.69 million average estimate based on 12 analysts. The reported number represents a change of +1.7% year over year.
- Revenue- Services: $1.03 billion versus $1.01 billion estimated by 12 analysts on average. Compared to the year-ago quarter, this number represents a +19.1% change.
- Gross profit- Product Non-GAAP: $339.40 million compared to the $300.95 million average estimate based on nine analysts.
- Gross profit- Service Non-GAAP: $915.70 million versus $876.33 million estimated by nine analysts on average.
- Gross profit- Product: $337.80 million versus the four-analyst average estimate of $298.95 million.
- Gross profit- Services: $906.90 million compared to the $861.34 million average estimate based on four analysts.
View all Key Company Metrics for Fortinet here>>>Shares of Fortinet have returned +0.7% over the past month versus the Zacks S&P 500 composite's +3.2% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.