Fortinet Inc (NASDAQ:FTNT) reported financial results for the first quarter after the closing bell on Wednesday that sent shares soaring. Here’s what you need to know from the report.

• Fortinet shares are climbing with conviction. Why are FTNT shares rallying?

Fortinet Q1 Highlights

Fortinet reported first-quarter revenue of $1.85 billion, beating the consensus estimate of $1.73 billion. The cybersecurity company posted first-quarter adjusted earnings of 82 cents per share, beating analyst estimates of 62 cents per share, according to Benzinga Pro.

Total revenue was up 20% year-over-year. Product revenue came in at $645 million, up 41% year-over-year, and service revenue totaled $1.20 billion. First-quarter billings were up 31% year-over-year to $2.09 billion.

Fortinet ended the quarter with approximately $2.22 billion in total cash and cash equivalents.

“We are very pleased with our excellent first quarter results, exceeding the high end of our guidance through strong execution and broad-based demand across our portfolio and geographies,” said Ken Xie, founder, chairman and CEO of Fortinet.

What’s Next For Fortinet?

Fortinet expects second-quarter revenue to be in the range of $1.83 billion to $1.93 billion, versus estimates of $1.82 billion. The company anticipates second-quarter adjusted earnings of 72 cents to 76 cents per share, versus estimates of 69 cents per share.

Fortinet also raised its full-year outlook. The company expects full-year revenue to be between $7.71 billion and $7.87 billion, up from prior guidance of $7.50 billion to $7.70 billion, versus estimates of $7.60 billion. The company raised its full-year adjusted earnings outlook from a range of $2.94 to $3 per share to a new range of $3.10 to $3.16 per share, versus estimates of $2.98 per share.

FTNT Stock Surges After The Bell

FTNT Price Action: Fortinet shares were up 16.39% in after-hours, trading at $104.69 at the time of publication on Wednesday, according to Benzinga Pro.

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