Christ Church, Barbados: May 22, 2014
Fortinet Inc., a U.S. based
global leader in high performance network security, has announced impressive
financial results for the first quarter of the year ending March 31.
“The first quarter marked a strong start to
the year, highlighted by billing revenue and operating profitability, each of
which exceeded expectations,” said Ken Xie, Chairman and Chief Executive
Officer.
The
Fortinet CEO added that business momentum is being driven by the
company’s focused execution and the strength, applicability and breadth of its
technology, as evidenced by the demand for recently introduced products such as
Fortigate – 3700D and 1500D high speed, low battery next generation enterprise
data centre security appliances.
“Given the leverage we have seen from the
recent growth initiatives, we remain committed to investing for growth and
delivering security innovation to further extend our market share and
leadership position globally,” the CEO said.
During the first quarter of the year, total
billings were US$187.6 million, representing an increase of 26% compared with
US$148.5 million for the similar quarter in 2013. Total revenue was US$168.9
million for the first quarter of 2014, an increase of 24% compared with
US$135.8 million in the similar quarter for 2013.
Within total revenue, product revenue was
US$76.8 million, an increase of 32%, compared with the similar quarter for
2013. Services and other revenue accounted for US$92.2 million, an increase of
18% compared with the similar period for 2013.
Building on its success across
Latin America, Fortinet last year sought to increase its market share in the Caribbean by growing its high-end customer base in the
eastern countries of the region, targeting key segments such as
telecommunications carriers, large enterprises and financial organizations.
About Fortinet (www.fortinet.com)
Fortinet is a worldwide provider
of network security appliances and a market leader in unified threat management
(UTM). The company’s products and subscription services provide broad,
integrated and high-performance protection against dynamic security threats
while simplifying the IT security infrastructure. I’ts customers include
enterprises, service providers and government entities worldwide, including the
majority of the 2012 Fortune Global 100. Fortinet's flagship FortiGate product
delivers ASIC-accelerated performance and integrates multiple layers of
security designed to help protect against application and network threats.
Fortinet's broad product line goes beyond UTM to help secure the extended
enterprise - from endpoints, to the perimeter and the core, including databases
and applications. Fortinet is headquartered in Sunnyvale, California,
with offices around the world.
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