The upcoming report from Fortinet (FTNT) is expected to reveal quarterly earnings of $0.86 per share, indicating an increase of 16.2% compared to the year-ago period. Analysts forecast revenues of $2.06 billion, representing an increase of 19.5% year over year.
Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.
Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.
While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.
In light of this perspective, let's dive into the average estimates of certain Fortinet metrics that are commonly tracked and forecasted by Wall Street analysts.
The consensus estimate for 'Revenue- Services' stands at $1.33 billion. The estimate suggests a change of +14.1% year over year.
Analysts expect 'Revenue- Product' to come in at $720.87 million. The estimate suggests a change of +28.9% year over year.
Analysts' assessment points toward 'Revenue- Services- Security subscription' reaching $770.45 million. The estimate points to a change of +14.7% from the year-ago quarter.
According to the collective judgment of analysts, 'Revenue- Services- Technical support and other' should come in at $572.35 million. The estimate indicates a year-over-year change of +16%.
Analysts predict that the 'Total billings (Non-GAAP)' will reach $2.30 billion. Compared to the current estimate, the company reported $1.81 billion in the same quarter of the previous year.
The combined assessment of analysts suggests that 'Total deferred revenue' will likely reach $7.92 billion. Compared to the present estimate, the company reported $6.65 billion in the same quarter last year.
Based on the collective assessment of analysts, 'Gross profit- Product Non-GAAP' should arrive at $494.12 million. Compared to the present estimate, the company reported $380.60 million in the same quarter last year.
Analysts forecast 'Gross profit- Service Non-GAAP' to reach $1.16 billion. Compared to the present estimate, the company reported $1.03 billion in the same quarter last year.
The average prediction of analysts places 'Gross profit- Product' at $485.44 million. The estimate compares to the year-ago value of $378.60 million.
It is projected by analysts that the 'Gross profit- Services' will reach $1.15 billion. Compared to the present estimate, the company reported $1.01 billion in the same quarter last year.
View all Key Company Metrics for Fortinet here>>>Shares of Fortinet have experienced a change of -3.2% in the past month compared to the -1.2% move of the Zacks S&P 500 composite. With a Zacks Rank #2 (Buy), FTNT is expected to outperform the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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