July 29 (Reuters) – Cybersecurity firm Fortinet on Wednesday lifted its annual revenue forecast after reporting strong second-quarter results, signaling strong enterprise spending on its services amid rising data security incidents.
Companies are ramping up data security budgets to tackle increasingly sophisticated ransomware attacks and other threats.
• The California-based company now projects annual revenue between $8.02 billion and $8.18 billion, compared with its previous expectation of $7.71 billion to $7.87 billion.
• It expects annual adjusted earnings per share between $3.41 and $3.47, above its earlier expectation of $3.10 to $3.16.
• Third-quarter revenue is expected to be between $2.01 billion and $2.1 billion, above analysts’ expectation of $1.95 billion, according to data compiled by LSEG.
• The adjusted profit per share is expected between 83 cents and 87 cents for the quarter, above esimate of 76 cents.
• Fortinet, which offers integrated cybersecurity products including firewalls, intrusion prevention systems and cloud-based threat protection, is transitioning to a subscription-led model and integrating generative AI across its products.
• Revenue for the second quarter was $2.05 billion, compared with estimates of $1.89 billion.
• The adjusted earnings per share stood at 90 cents for the quarter ended June 30, compared with estimates of 75 cents.
(Reporting by Arunesh Sinha; Editing by Sahal Muhammed)
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