It happens a lot. Stocks get manipulated all the time. In the case of FIRE, it may be that it's being manipulated in the AH where volume is thin and the price can be moved easily. It could be that there's more to the earnings story than the headlines that we're reading and people better able to qualify the news are interpreting it as better than the headlines show. Make a decision on where you think it's headed next. Put down your money and take your chances.
this should reverse in tomorrow by noon, volume id very low in a/h
Shares of Fortinet (FTNT) are up 51 cents, or almost 3%, at $18.47, in late trading after the maker of enterprise security technology this afternoon reported Q1 revenue that slightly exceeded consensus, and earnings per share in line with the Street’s expectations, after the company on April 10th cut its outlook below expectations, prompting a sell-off of the shares and several downgrades.
Revenue in the three months ended in March rose 16%, year over year, to $135.8 million, toward the high end of the company’s revised range of $134 million to $136 million, yielding EPS of 10 cents.
Analysts had, on average, been modeling $135 million and 10 cents.
Fortinet CEO Ken Xie remarked that,
While we performed well in Asia Pacific and the U.S. enterprise sector, our first quarter results were affected primarily by macroeconomic and geopolitical challenges in Latin America and EMEA, a shortfall in U.S service provider business, and to a lesser extent some inventory shortages and product transition issues. Given the macro uncertainty, we are moving forward cautiously yet confidently, as the network security market remains healthy and Fortinet’s competitive position and product advantage remains strong.
Note that Fortinet peer Sourcefire (FIRE) is up $3.22, or almost 7%, at $50.98 in late trading despite having this afternoon missed Q1 revenue and profit expectations, and forecast this quarter’s results lower as well.