Two Big Losers: Fortinet, Inc. (NASDAQ:FTNT) & Check Point Software Technologies (NASDAQ:CHKP)

Fortinet, Inc.(NASDAQ:FTNT) shares slipped $4.66 or 18.79% at $20.14 in Wednesday’s session. As the company’s net income for third quarter fell 4% with the growth in expenses.

Net income fell by $0.7 million or a cent at $17.2 million or 10 cents per share for the quarter in comparison to last year.

On the other hand revenue rose 17 percent by $19.9 million at $136.3 million in comparison to last year.

Will FTNT Rebound After The Recent Slump? Find Out Here

Stating about its adjusted earnings the company depicts 14 cents for the quarter, a gain by cent in comparison to last year. FactSet analyst expects a profit of 14 cents per share on revenue of $136.4 million.

Expenses related to sales and marketing grew by $7.8 million whereas the research and development expenses grew by $3.7 million.

Check Point Software Technologies Ltd.(NASDAQ:CHKP)  shares slumped $6.27 or 13.22% at $41.15 following the company’s disappointing fourth quarter financial guidance.

Same as the Street forecast the company reported third quarter revenue of $332.4 million and non-GAAP profit of 79 cents per share.

The financial guidance for the fourth quarter showed revenue of $ $355 million to $387 million, with non-GAAP profits of 84-91 cents a share. The Street consensus is revenue of $381.8 million and 90 cents per share of non-GAAP profit.

“Third quarter results continued to be good with healthy growth in enterprise appliance units and software blade sales. Our revenues and earnings per share came in at the upper half of our projections,” CEO Gil Shwed said in a statement. “Geographically, North America continued to deliver great results with double digit growth in product and service revenues.”

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Earnings Buzz: Fortinet, Inc. (NASDAQ:FTNT) & CSX Corporation(NYSE:CSX)

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.

Will FTNT Rebound After Today’s Slump? Find Out Here

“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.

You have read this article CSX Corporation (NYSE:CSX). CSX / Fortinet / FTNT / Inc. (NASDAQ:FTNT) / NASDAQ:FTNT / NYSE:CSX with the title Inc. (NASDAQ:FTNT). You can bookmark this page URL https://calliecountrychatter.blogspot.com/2012/10/earnings-buzz-fortinet-inc-nasdaqftnt.html. Thanks!