Why Fortinet Shares Are Trading Higher After Hours

Fortinet Inc NASDAQ:FTNT shares are trading higher in Wednesday's after-hours session after the company reported better-than-expected financial results and issued guidance.

Fortinet said first-quarter revenue increased 34% year-over-year to $954.8 million, which beat the $884.17 million estimate, according to data from Benzinga Pro. The cybersecurity company reported quarterly adjusted earnings of 94 cents per share, which beat the estimate of 79 cents per share. 

Fortinet said it expects second-quarter revenue of $1.005 billion and $1.035 billion versus the $1.01 billion estimate. It expects the adjusted earnings of $1.05 and $1.10 per share versus the $1.13 estimate. 

Fortinet sees full-year 2022 revenue of $4.35 billion to $4.4 billion versus the $4.3 billion estimate. It expects full-year adjusted earnings per share of $5 and $5.15 versus the estimate of $4.96 per share.

FTNT 52-Week Range: $195.96 - $371.77

The stock was up 7.22% in after-hours at $308.12 at the time of publication.

Photo: TheDigitalArtist from Pixabay.