Fortinet Surges After Quarterly Earnings Defy Expectations, Signaling Cyber Turnaround
- Billings jumped 8.5% in quarter as analysts predicted a drop
- Cyber spending slowed last year companies tightened belts
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Fortinet Inc. reported stronger fourth-quarter billings and revenue than expected, sending the shares up almost 17% in extended trading.
Revenue increased 10% to $1.42 billion, the company said in a statement Tuesday, slightly higher than the $1.41 billion estimate among analysts. Billings rose by 8.5% to $1.86 billion after the cybersecurity company completed a record number of deals in the period. Analysts had expected billings would fall for the first time in company history.