Fortinet (Nasdaq: FTNT) reported earnings on April 24. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 31 (Q1), Fortinet beat expectations on revenues and met expectations on earnings per share.

Compared to the prior-year quarter, revenue expanded significantly and GAAP earnings per share didn't change.

Margins dropped across the board.

Revenue details
Fortinet logged revenue of $117.2 million. The 19 analysts polled by S&P Capital IQ expected to see a top line of $114.9 million on the same basis. GAAP reported sales were 26% higher than the prior-year quarter's $93.3 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
Non-GAAP EPS came in at $0.11. The 21 earnings estimates compiled by S&P Capital IQ anticipated $0.11 per share on the same basis. GAAP EPS of $0.09 were the same as the prior-year quarter.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 73.5%, 140 basis points worse than the prior-year quarter. Operating margin was 16.0%, 220 basis points worse than the prior-year quarter. Net margin was 12.1%, 250 basis points worse than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $124.9 million. On the bottom line, the average EPS estimate is $0.12.

Next year's average estimate for revenue is $520.3 million. The average EPS estimate is $0.52.

Investor sentiment
The stock has a two-star rating (out of five) at Motley Fool CAPS, with 86 members out of 97 rating the stock outperform, and 11 members rating it underperform. Among 18 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 14 give Fortinet a green thumbs-up, and four give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Fortinet is outperform, with an average price target of $27.63.

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