GO
Loading...

Fortinet profit beats estimate as hi-end software demand rises

July 23 (Reuters) - Enterprise network security services provider Fortinet Inc reported a quarterly profit and revenue above analysts' average expectation, helped by strong demand for its hi-end software security products.

Shares of Fortinet, which claim to have seven of the top 10 Fortune telecommunications companies as clients, were up 8 percent at $26 in extended trading on Wednesday.

The number of large deals - those exceeding $500,000 - nearly doubled in the second quarter ended June 30, founder and Chief Executive Ken Xie said in a statement.

Net income fell to $6.1 million, or 4 cents per share, from $9 million, or 5 cents per share, a year earlier.

Excluding items, the company earned 11 cents per share.

Revenue increased to $184 million from $147.4 million.

Analysts had expected earnings of 10 cents per share on revenue of 171.9 million, according to Thomson Reuters I/B/E/S.

(Reporting By Subrat Patnaik; Editing by Joyjeet Das)