12:23 PM EDT, 08/07/2024 (MT Newswires) -- (Updates to add stock move in the headline and the first paragraph.)

Fortinet ( FTNT ) shares advanced 26% in recent Wednesday trading after the company reported higher results for Q2 and increased guidance for 2024.

The company reported Q2 non-GAAP earnings late Tuesday of $0.57 per diluted share, up from $0.38 a year earlier.

Analysts surveyed by Capital IQ expected $0.41.

Revenue in the quarter ended June 30 rose to $1.43 billion from $1.29 billion a year earlier.

Analysts polled by Capital IQ expected $1.40 billion.

The company expects Q3 non-GAAP EPS of $0.56 to $0.58 on revenue of $1.45 billion to $1.51 billion. Analysts surveyed by Capital IQ expect EPS of $0.43 on revenue of $1.47 billion.

Fortinet ( FTNT ) boosted full-year non-GAAP EPS guidance to $2.13 to $2.19 on revenue of $5.8 billion to $5.9 billion from EPS of $1.73 to $1.79 on revenue of 5.75 billion to $5.85 billion. Analysts surveyed by Capital IQ expect EPS of $1.76 on revenue of $5.79 billion.

Price: 70.32, Change: +14.51, Percent Change: +26.00