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Wednesday, Apr 10
Fortinet (FTNT) -13.5% AH after warning it expects Q1 revenue of $134M-$136M and EPS of $0.10,...
Fortinet (FTNT) -13.5% AH after warning it expects Q1 revenue of $134M-$136M and EPS of $0.10, below a consensus of $140.4M and $0.12. Billings are pegged at $147M-$149M, below guidance of $158M-$162M. The company blames a failure to close a few U.S. service provider deals (F5's warning also cited telco demand), EMEA/Latin America weakness, and inventory shortages and product timing issues. Asia-Pac and U.S. enterprise demand was healthy. With shares trading at 36x 2013E EPS, there wasn't much room for error. Did Ken Goldman's departure play a role? CC at 5PM ET (webcast). CHKP -1.3%. PANW -0.8%. FIRE -1.5%.