Fortinet confident after Q2 services, product sales fly

Security provider Fortinet have today announced 2nd quarter results showing revenue up by 35% on the same quarter last year, writes Linda Endersby. Total revenue stands at $103m with a services revenue of $52.7m and product revenue at $46.7, both significant increases from the same quarter last year

Security provider Fortinet have today announced 2nd quarter results showing revenue up by 35% on the same quarter last year, writes Linda Endersby.

Total revenue stands at $103m with a services revenue of $52.7m and product revenue at $46.7, both significant increases from the same quarter last year. However ratable product and services revenue was down 15% from last year at $3.7m.

The report also showed increases in billings up 22% at $110.2m and a GAAP net income of $145.m up 111% year on year. The quarter ended with a cash and investment balance of $468.5 with no debt

"Our second quarter performance highlights the underlying strength of our technology, the successful execution of our vertically focused go-to-market sales strategy, and the healthy growth in the global UTM market." stated Ken Xie, founder, president and CEO of Fortinet.

"We continued to penetrate larger enterprises and services provider customers, with notable strength in the Americas and Asia Pacific region." added Xie

Ken Goldman, CFO of Fortinet, stated: "We reported a solid second quarter with strong financial metrics that were at or above the high-end of our previously provided guidance. We had particularly strong growth in revenue, profitability, and cash flow generation, and ended the quarter with a cash balance of more than $468 million" 

The CEO and CFO both expressed confidence in the second half of 2011 with new product launches lined up and ales and R&D expansion planned.

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