Fortinet Stock Surges 11% on Strong Q2 Growth
Fortinet's (FTNT) stock surged after hours by 11% to $170.08, following strong second-quarter growth across revenue, product sales, billings, earnings, and cash generation. The company reported a 26% increase in quarterly revenue to $2.05 billion, with product revenue climbing 52% to $773 million.
The growth is attributed to increased demand for integrated cybersecurity platforms, as enterprises expand their spending on network, cloud, endpoint, and security operations. Fortinet's billings rose 33% to $2.37 billion, showing continued customer spending and contract activity.
The company posted a GAAP operating margin of 34% and a non-GAAP operating margin of 38%. Earnings per share rose 44% to $0.82, while adjusted earnings increased 41% to $0.90. Fortinet's operating cash flow reached $1.04 billion, with free cash flow totaling $966 million.