Fortinet's (FTNT) Q2 Results Impress as Billings and Operating Margin top Guidance

Fortinet, Inc. (NASDAQ:FTNT) is one of the top tech stocks with a strong return on equity. On August 7, the company delivered solid second-quarter results, as it topped both billing and operating margin guidance.

Total billings increased by 15% to $1.78 billion in the quarter, driven by a 21% rise in Unified SASE and a 31% increase in SecOPs. The increase was driven by continued momentum among large enterprise customers, with a total deal value exceeding $1 million.

The company reported quarterly adjusted earnings of $0.64 per share, higher than the $0.57 per share delivered in the same quarter last year. Revenue in the quarter was up 13.6% year-over-year to $1.63 billion, higher than $1.62 billion that analysts expected. During the quarter, Fortinet launched three new cloud services: FortiIdentity, FortiDrive, and FortiConnect.

For the third quarter, Fortinet expects guided billing to range between $1.76 billion and $1.84 billion. It expects revenues to range between $1.67 billion and $1.73 billion with non-GAAP EPS of between $0.62 and $0.64 a share. The company also raised the midpoint of its full-year billings guidance by $100 million to between $7.325 billion and $7.475 billion.

Fortinet, Inc. (NASDAQ:FTNT) is a cybersecurity company that provides a wide range of security solutions for businesses, governments, and service providers. It offers products and services to protect networks, applications, and data from cyber threats. Its platform includes firewalls, switches, access points, and AI-powered security services.

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Disclosure: None. This article is originally published at Insider Monkey.