The company said much of its growth is coming from customers in the upper echelon of the enterprise market. This need could be seen, Del Matto said, in the size of the deals the company has been inking. Deals of $250,000 or more are up 51%, and those worth $500,000 have increased 28%, compared to the same period last year.
Shares were soaring in early Tuesday trading, gaining 11.2% to $38.49.
Revenue hit $212.9 million for the first quarter, up from the $200 million to $205 million the company originally forecast. Total billings for the period were up 36% to $254.3 million. Non-GAAP earnings fell 27% year over year to 8 cents a share, ahead of the 6-cent estimate from analysts surveyed by Thomson Reuters.
"This is the highest year-over-year billing growth we have seen since becoming a public company five years ago," said Fortinet CEO Ken Xie. He added that the current market for security products is the strongest he has witnessed in his 20 years in the business.
The growth isn't just happening domestically. Del Matto noted the company's growth rate in Europe, the Middle East and Asia "was the highest we've achieved in seven years despite the foreign exchange headwind." Geographically, the Americas continue to be the company's largest market with 43% of its business taking place here, followed by Europe, the Middle East and Asia at 36% and other Asian and Pacific countries accounting for 2%.