Fortinet stock declines as earnings top Street view but billings don’t

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Fortinet Inc. shares fell in the extended session Thursday even after the cybersecurity company’s results, with the exception of billings, topped Wall Street estimates. Fortinet shares dropped 6% after hours, following a 0.4% decline in the regular session to close at $139.51. The company reported second-quarter net income of $112.1 million, or 68 cents a share, compared with $72.7 million, or 42 cents a share, in the year-ago period. Adjusted earnings were 82 cents a share, compared with 58 cents a share in the year-ago quarter. Revenue rose to $615.5 million from $521.7 million in the year-ago quarter, and billings grew to $711.5 million from $622.4 million a year ago. Analysts surveyed by FactSet had forecast earnings of 65 cents a share on revenue of $599.1 million and billings of $712.1 million. Fortinet expects adjusted third-quarter earnings of 76 cents to 78 cents a share on revenue of $630 million to $645 million and billings of $705 million to $730 million. Analysts expect earnings of 72 cents a share on revenue of $623.5 million and billings of $707.9 million.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.