Stock Alert: Fortinet Gains 13% On Q1 Results, Outlook

(RTTNews) - Shares of cyber security solutions provider Fortinet, Inc. (FTNT) are spiking more than 13% Thursday on the back of better than estimated first-quarter results. The company also provided second-quarter earning outlook above the Street view.

Net income was $104.0 million or $0.60 per share for the first quarter versus $58.8 million or $0.34 per share for the same quarter a year ago. Analysts polled by Thomson Reuters were expecting $0.51.

Revenue increased 22% year-on-year to $576.9 million. The consensus estimate was at $556.69 million.

Looking forward to second quarter, Fortinet expects revenue to be in the range of $590 million to $605 million and adjusted earnings per share to be in the range of $0.64 to $0.66. Analysts expect earnings of $0.60 per share on revenue of$597.36 million for the quarter.

FTNT is currently trading at $126.88. It has traded in the range of $68.87- $127.64 in the last 52 weeks.