Fortinet Inc. shares rose in the extended session Monday after the company beat fourth-quarter earnings and revenue expectations. The cybersecurity company’s shares gained 2.5% to $43.83 after hours. The company reported fourth-quarter net losses of $28.96 million, or losses of 17 cents a share, compared with net income of $25.17 million, or 14 cents a share, in the year-ago period. Adjusted earnings were 32 cents a share. The company said it logged a one-time tax expense of $63 million, or 36 cents a share, due to the changes in the U.S. tax code. Revenue rose to $416.7 million from $362.8 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 29 cents a share on revenue of $409.1 million. For the first quarter, analysts model adjusted earnings of 22 cents a share on revenue of $390 million. Fortinet stock has gained 16% in the past year, with the S&P 500 index rising 20%.
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