Cybersecurity Firm Fortinet Q1 Earnings: Product Revenue Falls, Billings Fall, Robust Outlook
Portfolio Pulse from Erica Kollmann
Fortinet, Inc. (NASDAQ:FTNT) reported Q1 earnings with a per-share beat and revenue growth, despite a decline in product revenue and total billings. The company provided a robust outlook for Q2 and the full year, exceeding analyst estimates. Shares of Fortinet and other cybersecurity firms like Zscaler, Inc. (NASDAQ:ZS), CrowdStrike Holdings, Inc. (NASDAQ:CRWD), and SentinelOne, Inc. (NYSE:S) fell in after-hours trading.
May 02, 2024 | 9:24 pm
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NEGATIVE IMPACT
CrowdStrike Holdings, Inc. shares fell in after-hours trading following Fortinet's earnings report.
The decline in CrowdStrike's stock price in after-hours trading is likely due to negative sentiment in the cybersecurity sector following Fortinet's earnings.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Fortinet reported a beat on Q1 earnings and revenue, with a positive outlook for Q2 and full-year 2024, despite a drop in product revenue and billings.
Despite beating earnings and revenue estimates, the decline in product revenue and billings, coupled with the after-hours stock price drop, suggests a negative short-term impact.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
SentinelOne, Inc.'s stock price declined in after-hours trading in response to Fortinet's earnings announcement.
SentinelOne's stock movement post-Fortinet's earnings suggests a negative short-term impact, likely due to broader sector sentiment.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Shares of Zscaler, Inc. moved lower in sympathy with Fortinet following the earnings announcement.
Zscaler's stock movement is likely influenced by sector sentiment following Fortinet's earnings, indicating a negative short-term impact.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70