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When I last wrote about Fortinet (NASDAQ: NASDAQ:FTNT) on March 14, 2024, I said, “Secure Access Service Edge (“SASE”) and Security Operations (SecOps) should help the company’s revenue growth reaccelerate and become a reason for investors to buy the stock.” The company reported its second quarter 2024 earnings on August 6, 2024, which showed revenue growth reaccelerating from 7% year over year in the first quarter to 11%, possibly ending around a year of decelerating growth.
Data by YCharts
The company also displayed significant gross and operating margin expansion. The company’s strategy of adding cloud security and zero-trust products to its existing networking and firewall lineup appears successful. The market liked the second quarter results. The stock rose 25% the day after the company released the report. It is also up 10.33% compared to the S&P 500’s (SPX) 9.30%…
