The Californian company Fortinet, known for its innovations in cybersecurity and AI, posted a strong profit in the first quarter of 2024. Despite a revenue increase of 7 percent to 1.35 billion US dollars, billings fell short of expectations. At 1.41 billion US dollars, they were below the forecasted 1.43 billion US dollars and declined by 6.4 percent compared to the previous year.

Service revenues increased significantly by 24 percent to 944 million US dollars, highlighting the importance of Fortinet's AI-driven cybersecurity platform. The adjusted earnings per share were 0.43 US dollars, thus exceeding the analyst expectations of 0.38 US dollars. In the same period last year, Fortinet achieved 247.7 million US dollars or 0.31 US dollars per share, while the current profit reached 299.3 million US dollars or 0.39 US dollars per share.

For the second quarter, Fortinet forecasts revenue between $1.375 and $1.435 billion and an adjusted earnings per share of $0.39 to $0.41. For the entire fiscal year, the company expects revenue between $5.745 and $5.845 billion and an adjusted earnings per share of $1.73 to $1.79.

Despite These Optimistic Outlooks, the Market Reacted Cautiously: Fortinet Shares Dropped by 7.98 Percent to 60.00 US Dollars in After-Hours Trading on the NASDAQ. This Decline May Reflect Disappointment Over the Lower Billings, Which Overshadow the Otherwise Solid Quarterly Results.