SUNNYVALE, Calif. (AP) — SUNNYVALE, Calif. (AP) — Fortinet Inc. (FTNT) on Wednesday reported first-quarter net income of $534.5 million.
On a per-share basis, the Sunnyvale, California-based company said it had profit of 72 cents. Earnings, adjusted for one-time gains and costs, were 82 cents per share.
The results topped Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 61 cents per share.
The network security company posted revenue of $1.85 billion in the period, also topping Street forecasts. Thirteen analysts surveyed by Zacks expected $1.73 billion.
For the current quarter ending in June, Fortinet expects its per-share earnings to range from 72 cents to 76 cents.
The company said it expects revenue in the range of $1.83 billion to $1.93 billion for the fiscal second quarter.
Fortinet expects full-year earnings in the range of $3.10 to $3.16 per share, with revenue ranging from $7.71 billion to $7.87 billion.
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