Network security provider Fortinet has posted 35% growth in total revenue which reached $103m for the second quarter ended 30 June 2011.
Announcing its financial results for 2Q, the company said that within total revenue, product revenue was $46.7m, an increase of 50% compared to the second quarter of 2010.
Services revenue was $52.7m, an increase of 29%. However ratable product and services revenue decreased 15% to $3.7m compared to the second quarter of 2010.
Total billings grew 22% to reach $110.2m for the second quarter of 2011, said the company.
Its deferred revenue was $273.2m in the quarter, an increase of 21% compared to deferred revenue as of 30 June 2010, and up $7.2m from 31 March 2011.
Cash, cash equivalents and investments were $468.5m, compared to $432.7m as of 31 March 2011.
Cash flow from operations was $34.1m for the second quarter of 2011, compared to $18m for the second quarter of 2010.
Free cash flow was $33.3m, compared to $16.7m for the second quarter of 2010.
GAAP operating income was $18.8m for the second quarter of 2011, representing a GAAP operating margin of 18%, and an increase of 92% compared to the second quarter of 2010, said the company.
GAAP net income was $14.5m, based on a 25% tax rate for the quarter and GAAP diluted EPS was $0.09, based on 163.9 million weighted-average diluted shares outstanding, compared to $0.05 for the second quarter of 2010, said the company.
