Fortinet Inc (NASDAQ:FTNT) shares fell more than 6% in early trade after the cybersecurity solutions provider posted a drop in billings for the first quarter.
During the quarter, Fortinet’s billings fell 6% year-over-year to $1.41 billion, below expectations of $1.43 billion.
Total revenue was up 7.2% at $1.35 billion, ahead of estimates of $1.33 billion.
Earnings per share (EPS) were $0.34. Analysts had forecast $0.38.
Fortinet guided 2Q revenue in the range of $1.38 billion to $1.44 billion, compared to estimates of $1.39 billion.
EPS are forecast in the range of $0.39 to $0.41, compared to estimates of $0.39.
For the full year, Fortinet guided EPS of $1.73 to $1.79 on revenue of $5.76 billion to $5.85 billion, compared to estimates of $1.70 and $5.78 billion, respectively.
Fortinet shares traded down 6.4% at about $61 shortly after the stock market opened in New York on Friday.