Shares in Fortinet Inc. fell by as much as 17% in late trading today after it came up short on revenue and outlook and announced a company restructuring to sharpen its focus on core growth areas.
For its fiscal third quarter that ended Sept. 30, Fortinet reported adjusted earnings per share of 41 cents, up 24% year-over-year, on revenue of $1.33 billion, up 16%. The figures were a beat and a miss, as analysts had expected earnings per share of 37 cents and revenue of $1.35 billion.
Product revenue in the quarter rose 16%, to $465.9 million, and service revenue rose almost 28%, to $868.7 million. However, Fortinets customers are not spending as much as expected, with billings coming in at $1.49 billion, up only 6% year-over-year and below…
Read the full article at: https://siliconangle.com/2023/11/02/fortinet-announces-restructure-revenue-outlook-fall-short-third-quarter/