Fortinet (Nasdaq: FTNT) is expected to report Q2 earnings on July 30. Here's what Wall Street wants to see:

The 10-second takeaway
Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Fortinet's revenues will expand 10.6% and EPS will shrink -16.7%.

The average estimate for revenue is $142.6 million. On the bottom line, the average EPS estimate is $0.10.

Revenue details
Last quarter, Fortinet notched revenue of $135.8 million. GAAP reported sales were 16% higher than the prior-year quarter's $117.2 million.

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

EPS details
Last quarter, non-GAAP EPS came in at $0.10. GAAP EPS of $0.07 for Q1 were 22% lower than the prior-year quarter's $0.09 per share.

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

Recent performance
For the preceding quarter, gross margin was 71.2%, 230 basis points worse than the prior-year quarter. Operating margin was 11.0%, 460 basis points worse than the prior-year quarter. Net margin was 9.0%, 310 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $599.6 million. The average EPS estimate is $0.49.

Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 100 members out of 112 rating the stock outperform, and 12 members rating it underperform. Among 25 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 21 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 $27.10.

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