Fortinet sales up 30% in Q2


US-BASED cybersecurity solutions firm Fortinet saw its second quarter sales jump by 30 percent, driven mainly by its services segment.

In a statement, Fortinet said total revenues rose 30 percent to $311.4 million in the second quarter of the year from $239.8 million in the same three months last year.

It said 56 percent of sales came from its service revenues while the balance was contributed by product revenue.

Its service revenues rose 40 percent to $174.8 million in April to June from $125 million in the same period last year, while product earnings increased by 19 percent to $136.6 million.

“We are pleased with our billings and revenue over performance and ability to meet our expense and profitability targets while still investing for growth,” said Ken Xie, founder, chairman and chief executive officer of Fortinet.

“The threat landscape and network architectures are evolving and shifting to integrated end-to-end platforms, which is the vision Fortinet was founded upon. Our strong innovation and ability to provide a seamless, tightly integrated and intelligent Security Fabric that protects all points in the network—from IoT [Internet of Things] to cloud—positions us well for continued growth and share gains in 2016 and beyond,” he added.

Based on generally accepted accounting principles (GAAP), the company recorded $1.4 million net loss in the second quarter a net income of $800,000 in the same quarter last year on higher spending amid its investment initiatives.

It said expenditures for the quarter increased by 26 percent to $373.8 million from $297.2 million in the same quarter last year.

NASDAQ-listed Fortinet is based in California and services key enterprises, service providers, and government organizations around the globe. Through its Fortinet Security Fabric, the company protects the businesses of its 280,000 customers worldwide from security threats and challenges, whether in networked, application, cloud or mobile environments.


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