Enterprise network security services provider Fortinet Inc reported a quarterly profit and revenue above analysts' average expectation, helped by strong demand for its high-end software security products.
Shares of Fortinet, which claim to have seven of the top 10 Fortune telecommunications companies as clients, were up 8 percent at $26 in extended trading on Wednesday.
The number of large deals — those exceeding $500,000 — nearly doubled in the second quarter ended June 30, founder and Chief Executive Ken Xie said in a statement.
Net income fell to $6.1 million, or 4 cents per share, from $9 million, or 5 cents per share, a year earlier.
Excluding items, the company earned 11 cents per share.
Revenue increased to $184 million from $147.4 million.
Analysts had expected earnings of 10 cents per share on revenue of 171.9 million, according to Thomson Reuters I/B/E/S.
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