Fortinet Flies Past Sales Estimate
SUNNYVALE, Calif. (TheStreet) -- Hot on the heels of strong results from Symantec (SYMC), security hardware specialist Fortinet (FTNT) comfortably beat Wall Street's revenue forecast with its own second-quarter numbers.
The Sunnyvale, Calif.-based company reported revenue of $129 million, an increase of 25% on the same period last year, easily beating the average analysts' forecast of $126.2 million.
Excluding items, Fortinet earned 12 cents a share in the June-ended three-month period, up from 9 cents a share in the prior year's quarter, and in line with Wall Street's consensus estimate.
"Our strong performance in the second quarter highlights the demand for our network security offerings," said Ken Xie, the Fortinet CEO, in a statement. "We had healthy growth across all geographies and continued market share gains, especially with large U.S. enterprises."
Fortinet's flagship product is its FortiGate appliance, an all-in-one security product that combines firewall, anti-virus, VPN and intrusion prevention systems. Shares of the Cisco (CSCO) and Check Point Software (CHKP) rival soared 10.45% to $24.73 in extended trading on Wednesday as investors digested its results. Based on Wednesday's regular session close at $22.39, Fortinet shares were up 1.8% so far in 2012. The stock was last quoted at $24.85, up 11%, on after-hours volume of more than 200,000, according to Nasdaq.com. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: tips@thestreet.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.Select the service that is right for you!
COMPARE ALL SERVICESAction Alerts PLUS
TRY IT FREEJim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Dividend Stock Advisor
TRY IT FREENew! $49.95/yr
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Stocks Under $10
TRY IT FREEDavid Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Real Money
TRY IT FREE24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
Product Features:
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
Real Money Pro
TRY IT FREEAll of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Product Features:
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options Profits
TRY IT FREEOur options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV
