Fortinet Q3 revenue rises 22% to $316.6M

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FORTINET, a global leader in high performance cyber security solutions, on Wednesday said that total revenue in the third quarter this year reached $316.6 million, an increase of 22 percent compared to $260.1 million in the same quarter of 2015 driven by an increase in its customer base.

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“While our third-quarter results were impacted by a moderated spending environment, extended sales cycles and sales execution challenges, we continued to outgrow the market as well as add 9,000 new customers,” Ken Xie, founder, chairman and chief executive officer, said.

Within total revenue, product revenue was $128 million, an increase of 7 percent compared to $119.7 million in the same quarter of 2015. Service revenue was $188.7 million, an increase of 34 percent compared to $140.3 million in the same quarter of 2015, it said.

“Fortinet remains in a position to benefit from key secular trends such as security vendor consolidation and next generation cloud architectures. We have a strong technology advantage and visionary roadmap in place to help us continue to grow our market position, address our large opportunity, and make progress towards achieving our long term margin targets,” Xie added.

Fortinet’s total billings for the third quarter this year amounted to $347.5 million, up 16 percent from $299.6 million in the same quarter of last year.

Fortinet said that its total deferred revenue was $934.8 million as of September 30, an increase of 32 percent from the same quarter of 2015 and up by $30.8 million from June 30.

The company said that as of September 30, cash, cash equivalents and investments amounted to $1.27 billion compared to $1.22 billion as of June 30. In the third quarter of 2016, cash flow from operations was $76.1 million from $65.1 million in the same quarter of 2015. Free cash flow was $70.2 million during the third quarter of 2016 compared to $51.7 million in the same quarter of 2015.

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