Network security provider Fortinet, Inc.(NASDAQ:FTNT) posted its results for the third quarter in line with Street expectations. The guidance however fell slightly short of analysts’ estimates.
Revenue rose 17 percent to $136.3 million. The Street had expected $136.4 million. The company’s non-GAAP profits were 14 cents a share. Fortinet’s billings were $145 million, 22 percent higher than last year. The company had cash of $690.3 million at the end of the quarter and had no debt.
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“Our third quarter performance highlights the underlying strength of our technology and market adoption of Fortinet solutions, especially among enterprises, where we are seeing strong growth,” read CEO Ken Xie’s statement. “We remain focused on executing our growth strategy by continuing to strengthen our research and development capabilities to continue to drive product innovation and by expanding our sales and support infrastructure.”
For the fourth quarter, the company sees revenues in the range of $142 million and $146 million. Analysts expect revenue of $146.2 million. For the full year, Fortinet expects earnings of 51 cents a share.
Yesterday, the company’s shares dropped $4.61 or 18.60 percent to $20.20.
Railroad company CSX Corporation(NYSE:CSX) declared its profits and revenues for the third quarter. The figures were 2 percent lower in comparison with the corresponding period last year. This is because of delivery of fewer loads of coal and crops and fall in revenue. However earnings per share rose 2 percent because of outstanding stock.
The Florida based company earned $455 million or 44 cents a share. In the third quarter last year, the company had earned $464 million or 43 cents a share.
Revenues dropped 2 percent to $2.89 billion and volume fell 1 percent. Analysts were expecting 43 cents a share and $2.94 billion in revenue
The company operates 21,000 miles of track in 23 eastern states of the U.S. and 2 Canadian provinces.
Shares of CSX slid 2.17% to $21.16, off session low of $20.59.