Fortinet Inc (NASDAQ:FTNT) shares are trading lower in Wednesday's after-hours session after the company reported financial results.

Product revenue was up 34% year-over-year. Bookings totaled $1.38 billion in the quarter, up 42% year-over-year. Billings hit $1.3 billion in the second quarter, up 36% year-over-year.

"We delivered strong revenue and billings growth in the second quarter driven by an over 50% year-over-year increase in the number of transactions larger than one million dollars," said Ken Xie, founder, chairman and CEO of Fortinet.

Fortinet expects third-quarter revenue to be between $1.105 billion and $1.135 billion versus the estimate of $1.12 billion. The company expects third-quarter adjusted earnings to be between 26 cents and 28 cents per share versus the estimate of 27 cents per share. 

Full-year revenue is expected to be in the range of $4.35 billion to $4.4 billion versus the estimate of $4.38 billion. Full-year adjusted earnings are expected to be between $1.01 and $1.06 per share.

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FTNT Price Action: Fortinet has traded between $362.12 and $55.19 over a 52-week period.

The stock was down 10.6% in after-hours at $56.21 at press time, according to Benzinga Pro.

Photo: jaydeep_ from Pixabay.