Networking security and unified threat management vendor Fortinet has posted fourth quarter and full-year sales of $96.3m (£60.6m) and $324.7m, up 32% and 37% year-on-year respectively.
Following a major tax benefit booked last year, GAAP net income for the three months to 31 December dropped a precipitous 61% to $16.1m. The non-GAAP picture was more rosy, with net income rising 88%.
The company said it now saw services sales overtaking product sales, at roughly $48m to $41m, with the difference made up by ratable product and services revenues.
Fortinet CFO Ken Goldman said that the figures had exceeded expectations.
"With a globally diversified business model and a healthier economic environment we believe we are well positioned to continue to deliver solid growth in billings, revenues, operating margins and cash flow," he said.
Goldman added that Fortinet would be stepping up its R&D and sales investment during the coming quarter.