Fortinet Jumps on Outlook Hike, Billings Growth Spurt

Fortinet Inc. shares rose as much as 24% in post-market trading after the cybersecurity company raised its full-year revenue outlook above expectations, following its largest billings expansion in over three years.

The company now expects full-year revenue of $7.7 billion to $7.9 billion, up from a prior forecast of $7.5 billion to $7.7 billion and above Wall Street’s average estimate of $7.6 billion.