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October 22, 2010

Fortinet Q3 revenue up 29% to $84.9m

Gross profit increases 31%

By CBR Staff Writer

Network security provider Fortinet has reported total revenues of $85m for the third quarter of 2010, an increase of 29% as compared to $65.8m for the same quarter in 2009.

The company has posted an operating income of $18.1m for the quarter, an increase of 88.5% as compared to $9.6m for the same period last year.

Gross profits for the Q3 2010 were $63.5m as compared to $48.4m of Q3 of 2009.

For the quarter ended 30 September 2010, the company has posted net income of $14.01m, or $0.18 per share, as compared to $6.3m, or $0.10 per share, for the same period last year.

Fortinet chief financial officer Ken Goldman said the company is excited about the momentum in its business and demand for network security and UTM offerings, and will continue to invest in the near term to strengthen sales and support infrastructure, as well as R&D capabilities in order to support its growth.

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