Fortinet Inc FTNT shares are trading lower in Wednesday's after-hours session after the company reported third-quarter financial results.
Fortinet said third-quarter revenue increased 32.6% year-over-year to $1.15 billion, which beat average analyst estimates of $1.12 billion, according to Benzinga Pro. The company reported quarterly adjusted earnings of 33 cents per share, which beat average estimates of 27 cents per share.
"We continued to gain market share in the large addressable and fast-growing cybersecurity industry. Revenue and billings growth of over 30% in the third quarter significantly outpaced industry growth rates," said Ken Xie, founder, chairman and CEO of Fortinet.
Fortinet expects fourth-quarter revenue to be between $1.275 billion and $1.315 billion versus average analyst estimates of $1.27 billion. The company expects full-year 2022 revenue to be between $4.41 billion and $4.45 billion.
FTNT Price Action: Fortinet has a 52-week high of $74.35 and a 52-week low of $45.74.
The stock was down 13.6% in after-hours at $46 at the time of publication.
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