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Tags: Fortinet | Profit | High-end | Software

Fortinet Profit Beats Estimate as High-end Software Demand Rises

Wednesday, 23 July 2014 06:20 PM EDT

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.

© 2022 Thomson/Reuters. All rights reserved.


Companies
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.
Fortinet, Profit, High-end, Software
140
2014-20-23
Wednesday, 23 July 2014 06:20 PM
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