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TheStreet Open House

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.

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