For the quarter ended June 2024, Fortinet (FTNT Quick QuoteFTNT - Free Report) reported revenue of $1.43 billion, up 11% over the same period last year. EPS came in at $0.57, compared to $0.38 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $1.4 billion, representing a surprise of +2.31%. The company delivered an EPS surprise of +39.02%, with the consensus EPS estimate being $0.41.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Fortinet performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

• Total billings (Non-GAAP)

  : $1.54 billion compared to the $1.52 billion average estimate based on 10 analysts.

• Total deferred revenue

  : $5.90 billion versus the six-analyst average estimate of $5.91 billion.

• Revenue- Europe Middle East and Africa

  : $565.20 million versus $548.24 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +11.5% change.

• Geographic revenues- Total Americas

  : $595.30 million versus the two-analyst average estimate of $576.69 million.

• Revenue- Asia Pacific and Japan

  : $273.80 million versus $274.62 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +10% change.

• Revenue- Total Product

  : $451.90 million versus the 12-analyst average estimate of $425.40 million. The reported number represents a year-over-year change of -4.4%.

• Revenue- Services

  : $982.40 million versus the 12-analyst average estimate of $976.06 million. The reported number represents a year-over-year change of +19.8%.

• Gross profit- Product Non-GAAP

  : $298.40 million versus the nine-analyst average estimate of $243.40 million.

• Gross profit- Service Non-GAAP

  : $870.20 million versus $837.10 million estimated by nine analysts on average.

• Gross profit- Product

  : $296.80 million versus $239.04 million estimated by three analysts on average.

• Gross profit- Services

  : $862.50 million compared to the $844.80 million average estimate based on three analysts.

View all Key Company Metrics for Fortinet here>>>

Shares of Fortinet have returned -7.9% over the past month versus the Zacks S&P 500 composite's -6.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.