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Fortinet pre-announces Q3 results below prior guidance, -14% after hours

Oct. 11, 2016 4:35 PM ETFortinet, Inc. (FTNT) StockBy: Eric McCaffrey, SA News Editor3 Comments
  • Fortinet (NASDAQ:FTNT) is expecting total billings of $343M-$348M (vs. $372M-$376M previously), total revenue of $311M-$316M (vs. $319M-$324M previously) and net income per share of $0.15-$0.16 (vs. $0.17-$0.18 previously).
  • Authorization of $100M increase to existing share repurchase program disclosed.
  • Founder, chairman and CEO Ken Xie: "Our third quarter results were primarily impacted by the lengthening of deal cycles as enterprises are becoming more strategic with their purchasing decisions and buying with less urgency than last year. We also encountered sales execution challenges in the North America resulting from the newness of our sales organization, as well as macro issues in Latin America and the U.K. Though we are disappointed with our third quarter performance, we continue to feel good about our competitive-differentiating and market-leading security fabric. We remain confident in the underlying strength of our business and long-term growth opportunity, and committed to delivering returns to our shareholders."
  • Fortinet will report finalized Q3 results on October 27.
  • Conference call

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