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: email@example.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 SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV