Fortinet posts 14-percent profit growth increase

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Network security and unified threat management (UTM) solutions, Fortinet, reported that its total revenue for the second quarter of 2013 amounted to $147.4 million, or an increase of 14 percent compared to $129 million in the same period of 2012.

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In a statement, Ken Xie, founder, president and chief executive officer of Fortinet, said that, “Our ability to meet or exceed billings, revenue and profitability expectations during the second quarter against challenging conditions in some markets and geographies highlights the breadth and diversity of Fortinet’s business.”

“We have a very broad product portfolio that stands for small business, major business, large enterprise to service providers,” said Jeff Castillo, country manager of Fortinet Philippines.

The company said that product revenue was $66.5 million, or an increase of 8 percent compared to the same quarter of 2012. Services revenue was $79.7 million, or up by 22 percent compared to the same quarter of 2012.

Meanwhile, total billings were $160.7 million for the second quarter of 2013, or an increase of 10 percent compared to $145.8 million in the same quarter of 2012.

Deferred revenue, on the other hand, stood at $389.7 million, or an increase of 18 percent as of June 30, 2013, compared to $331.4 million in June 30, 2012, for an increase of $13.3 million from $376.4 million as of March 31, 2013.

“While we will continue to move forward cautiously due to the ongoing macro uncertainty, we feel confident that the combination of our strong competitive advantages and product superiority positions us well for continued growth and market share gains,” said Xie.

Also, as of June 30, 2013, the company’s cash equivalents, and investments were at $814.4 million, compared to $782.5 million as of March 31, 2013. In the second quarter of 2013, cash flow from operations was $37.2 million and free cash flow was $35.2 million.

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