Fortinet Q2 Profit Rises

(RTTNews) - Fortinet (FTNT) reported that its net income for the second quarter of 2022 rose to $173.5 million or $0.21 per share, from $137.5 million or $0.16 per share in the prior year.

Non-GAAP net income per share was $0.24, compared to $0.19 in the prior year.

Total revenue for the second quarter of 2022 was $1.03 billion. an increase of 28.6% from $801.1 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.22 per share and revenues of $1.03 billion for the second quarter. Analysts' estimates typically exclude special items.

For the third quarter of 2022, Fortinet expects non-GAAP net income per share to be in the range of $0.26 to $0.28; revenue of $1.105 billion to $1.135 billion. Analysts expected the company to report earnings of $0.27 per share and revenues of $1.12 billion for the third quarter.

For the fiscal year 2022, Fortinet currently expects non-GAAP net income per share to be in the range of $1.01 to $1.06; revenue of $4.350 billion to $4.400 billion. Wall Street currently is looking for fiscal year 2022 earnings of $1.03 per share on annual revenues of $4.38 billion.

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