Fortinet encouraged by strong European performance


Fortinet encouraged by strong European performance

Microscope contributor

by Linda Endersby

UTM Provider Fortinet has announced Q2 results showing an increase in revenue of 24% on the same quarter in 2009.

Total revenue for the period ending 30th June 2010 was $76.3m (£49.6m), up from $61.3m year-on-year. Product revenue was up 27% at $31m.

The network security provider's CFO Ken Goldman stated: "We reported an exceptionally strong second quarter, with impressive growth across the business and customer wins across a wide array of industry verticals and geographies."

"We were especially encouraged with the growth in our high end product segment as well as the balanced growth across our three geographic segments, with Europe leading the way," he continued.

Founder and CEO Ken Xie added: "Our solid execution combined with the unique value proposition of our UTM solutions contributed to accelerated momentum in our business during the second quarter. 

Echoing Goldman, he said: "We continued to attract and retain a number of large high profile enterprise and service provider customers, as well as introduced several new and competitive differentiating products."

Looking forward, Xie continued: "We remain focused on executing our growth strategy by investing additional resources to expand and enhance our sales organization and further strengthen our research and development capabilities to continue to drive security innovation and market share gains."

Operating income was $9.8m, an increase of 97% year-on-year 2009, while net income for the quarter was $6.9m. Billings were up 31% at $90.3m.

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