Fortinet reported a fourth-quarter profit that exceeded analysts’ forecasts as businesses paid more to secure their digitized operations from the increasing risk of attacks.
On Tuesday, Fortinet announced a fourth-quarter profit that exceeded analysts’ expectations as corporations paid more to protect their digitized operations from the increased danger of assaults, driving the cybersecurity company’s stock up 10.4% in extended trading.
In recent years, there has been a tremendous growth in data theft and hacking incidents, prompting government entities and major corporations to invest in cybersecurity solutions to strengthen their digital presence.
Fortinet, although a lesser competitor to larger brands like Palo Alto, provides a diverse array of products that has helped them garner a sizable customer base.
The company announced adjusted earnings of 51 cents per share, compared to LSEG’s expectation of 43 cents.
The quarter benefited from a modest seasonal budget flush, as well as delayed revenue from some projects that closed in Q4.
On an investor call, CFO of Fortinet, Keith Jensen, stated that the company closed approximately six acquisitions worth more than $10 million apiece.
According to LSEG statistics, the Sunnyvale, California-based company forecasts revenue in the $1.30 billion to $1.36 billion range for the first quarter of 2024, compared to an average of $1.37 billion among analysts.
Fortinet announced fourth-quarter sales of $1.42 billion, which exceeded analysts’ average expectation of $1.41 billion.
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