Fortinet Shares Rise 25% on Strong Q2 Performance and Higher Margins
Stock Earnings Results
August 12, 2024
Fortinet shares jumped 25% August 7th, leading the S&P 500, after the company reported strong Q2 results and positive guidance.
The cybersecurity firm posted adjusted earnings of 57 cents per share on $1.43 billion in revenue, surpassing analysts' expectations of 41 cents per share on $1.40 billion in revenue.
"The company's strategic shift towards higher-margin services and [software-as-a-service] offerings significantly boosted overall service revenue growth," Rosenblatt's Catharine Trebnick wrote in a note to clients.
"This move not only improved the company's total gross margins to a quarterly record of 81.5%, surpassing the highest value in its history, but also enhanced the operating margin to 35.1%," which was well above her estimate.
Join LevelFields now to be the first to know about events that affect stock prices and uncover unique investment opportunities. Choose from events, view price reactions, and set event alerts with our AI-powered platform. Don't miss out on daily opportunities from 6,300 companies monitored 24/7. Act on facts, not opinions, and let LevelFields help you become a better trader.