Fortinet's guidance and CFO comments have been added to this story.
The hardware maker reported revenue of $93.3 million, an increase of 34% compared to the same period last year, and a post comfortably above analysts' estimate of $86.9 million.
Excluding items, Fortinet earned 17 cents a share, up from 8 cents a share in the prior year's quarter. Analysts surveyed by Thomson Reuters were looking for earnings of 14 cents a share."The first quarter marked a strong start to the year for Fortinet with solid execution and a healthy pipeline of business," said Fortinet CEO Ken Xie, in a statement. "Our recent investments in our global sales organization and sharpened focus on penetrating the large enterprise have resulted in significant momentum in our business across geographic regions."
The Silicon Valley firm has been attracting plenty of attention thanks to its FortiGate appliance, a sort of Swiss Army knife for network security: it combines firewall, anti-virus, VPN and intrusion prevention systems. Fortinet, which recently hit a new 52-week high, is one of TheStreet's breakout stocks, and has even been touted as an attractive acquisition target for IBM (IBM) and HP (HPQ). -- Written by James Rogers in New York. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: firstname.lastname@example.org.
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