Stock:
Symbol Lookup
Register | Login
...
History
...
...

Pre Market | Dow Jones | Gold | Newsletters | Learn


Fortinet Shares Surge on Q4 Results (FTNT)

Friday, February 1, 2013 4:22 AM
Shares of Fortinet Inc. (NASDAQ: FTNT) saw a huge rally in trading on Thursday after the Sunnyvale, California-based company reported strong fourth-quarter financial results. Key Points
  • Fourth-quarter revenue rose 25%
  • Billings climb 24% in the fourth quarter
  • Free cash flows of $48.5 million
Ken Xie, President and CEO of Fortinet, said that the company had a great fourth-quarter, which resulted in strong finish to the year. Xie said that the company continued to attract and retain a number of its large profile enterprise and service provider customers, and introduced several new and competitive products that differentiate it from its competitors. For the quarter, Fortinet reported total revenue of $151.2 million, representing an increase of 25% over the same period in the previous year. Product revenue for the quarter was $71 million, up 24% over the same period in the previous year. Services revenue, meanwhile, rose 26% to $76.7 million in the fourth quarter. FTNT’s total billings for the quarter were $174.3 million, up 24% over the same period in the previous year. GAAP operating income for the quarter stood at $35 million. GAAP net income for the quarter was $21.5 million, up from $16.5 million reported for the same period in the previous year. On a non-GAAP basis, the company reported net income of $28.1 million, compared to $22.3 million reported for the same period in the previous year. For the full year 2012, Fortinet reported revenue of $533.6 million, up 23% over the same period in the previous year. GAAP net income for the year $66.8 million, while non-GAAP net income for the year was $88.3 million. Fortinet shares rose to an intra-day high of $24.24 on Thursday before ending the day 21.91% higher at $23.59 on above average volume of 14.83 million. About Fortinet Inc. Fortinet Inc. is a Sunnyvale, California-based company providing network security solutions.
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2014 the year you get RICH!

Latest Headlines

British bank RBS to reveal funds held to settle forex probesBritish bank RBS to reveal funds held to settle forex probes
LONDON (Reuters) - Royal Bank of Scotland will announce how much it has set aside to cover potential fines for manipulating currency markets when it reports third-quarter results on Friday, several ...
JPMorgan tops pay table with $740,000 for London bankers: surveyJPMorgan tops pay table with $740,000 for London bankers: survey
LONDON (Reuters) - U.S. bank J.P. Morgan <JPM.N> pays managing directors at its investment bank in London an average of 461,000 pounds ($737,877), substantially more than pay across its rivals, ...
Alibaba plays trademark card to protect lead as China's $8 billion e-commerce spree nearsAlibaba plays trademark card to protect lead as China's $8 billion e-commerce spree nears
BEIJING (Reuters) - A trademark spat between Chinese e-commerce giant Alibaba Group Holding Ltd and rival JD.com flared into public view after JD published an Alibaba letter urging publishers to be ca...
Yellen speech does not mention monetary policy, economic outlookYellen speech does not mention monetary policy, economic outlook
WASHINGTON (Reuters) - Federal Reserve Chair Janet Yellen did not comment on monetary policy or the economic outlook in remarks on Thursday prepared for a diversity conference at the central bank. Y...
U.S. jobless claims rise, but underlying labor market trends firmingU.S. jobless claims rise, but underlying labor market trends firming
WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits rose for a second straight week last week, but remained at levels consistent with a firming labor market. I...

Loading Headlines...
 

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.