Fortinet stock falls following split outlook

Fortinet Inc.
FTNT,
+4.16%
shares fell in the extended session Wednesday after some of the cybersecurity company’s outlook slipped below the Wall Street consensus following a slight beat. Fortinet shares dropped 11% after hours, following a 4.2% rise in the regular session to close at $62.88. The company reported second-quarter net income of $173.5 million, or 21 cents a share, compared with $137.5 million, or 16 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 24 cents a share, compared with 19 cents a share in the year-ago period. Revenue rose to $1.03 billion from $801.1 million in the year-ago quarter. Analysts surveyed by FactSet had forecast 22 cents a share on revenue of $1.03 billion. Fortinet forecast earnings of 26 cents to 28 cents a share on revenue of $1.11 billion to $1.14 billion for the third quarter, and $1.01 to $1.06 a share on revenue of $4.35 billion to $4.4 billion for the year. Analysts had estimated 27 cents a share on revenue of $1.13 billion for the third quarter, and $1.03 a share on revenue of $4.39 billion for the year.