SUNNYVALE, Calif. (AP) — Fortinet Inc. (FTNT) on Monday reported a fourth-quarter loss of $29 million, after reporting a profit in the same period a year earlier.
The Sunnyvale, California-based company said it had a loss of 17 cents per share. Earnings, adjusted for pretax expenses and stock option expense, came to 32 cents per share.
The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share.
The network security company posted revenue of $416.7 million in the period, which also beat Street forecasts. Eight analysts surveyed by Zacks expected $408.6 million.
For the year, the company reported profit of $31.4 million, or 18 cents per share. Revenue was reported as $1.49 billion.
For the current quarter ending in April, Fortinet expects its per-share earnings to range from 21 cents to 22 cents.
The company said it expects revenue in the range of $387 million to $393 million for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $390.7 million.
Fortinet expects full-year earnings in the range of $1.30 to $1.32 per share, with revenue ranging from $1.7 billion to $1.72 billion.
Fortinet shares have climbed roughly 1 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $43.96, an increase of 17 percent in the last 12 months.