CYBERSECURITY company Fortinet reported its GAAP (Generally Accepted Accounting Principles) net income surged to $10.7 million in the first quarter of 2017 from GAAP net income of $2.1 million a year earlier.
Fortinet posted a 20-percent increase in revenue for the quarter, driven by strong growth in service revenues, a ranking company official said.
“Total revenue was $340.6 million for the first quarter of 2017, an increase of 20 percent compared to $284.6 million in the same quarter of 2016,” Ken Xie, Fortinet founder, chairman and chief executive officer said over the weekend.
The California-based company develops and markets cybersecurity software, appliances and services, and is reported to be the fourth-largest network security company by revenue.
“In the first quarter, Fortinet delivered billings and revenue growth that exceeded our guidance and continued to outgrow the market,” Xie added.
Fortinet said product revenue for the period was $135.3 million, an increase of 9 percent from $124.6 million in the same quarter of 2016.
Service revenues surged 38 percent to $205.3 million, on total billings of $403.3 million, up 22 percent from a year ago.