Fortinet revenues, profit increase

OBJ Staff
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California-based Fortinet, which has a few dozen people in Ottawa, reported first-quarter revenues of $117.2 million, increasing 26 per cent year-over-year.

(Stock image)

GAAP net income increased to $14.2 million, based on a 28 per cent tax rate, from $13.6 million last year, on a 25 per cent tax rate.

Billings were also up, by 28 per cent, to $137 million.

"We continue to leverage the investments we are making in our global sales organization to successfully penetrate large enterprises across all geographies, as well as take advantage of opportunities to grow in the high and low-end security markets," said CEO Ken Xie in a statement.

"With a healthy pipeline of business and an exciting product lineup on tap for this year, we believe we are positioned well to continue to gain market share, as enterprises look to deploy high performance integrated network security solutions."

The firm specializes in integrated firewall, web filtering, anti-spam, traffic shaping and other security solutions.

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