Stock:
Symbol Lookup
Register | Login My Watchlist | My Account | Logout
History
to View Your Portfolio

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 2016 the year you get RICH!

Latest Headlines

Inflation remains too high for cenbank to cut Brazil key rateInflation remains too high for cenbank to cut Brazil key rate
BRASILIA (Reuters) - Inflation in Brazil remains too high for the central bank to consider cutting interest rates despite a crippling recession, according to the bank minutes from its last rate-settin...
Japan's Abe says Brexit would make UK less attractive for Japanese investorsJapan's Abe says Brexit would make UK less attractive for Japanese investors
LONDON (Reuters) - Japanese Prime Minister Shinzo Abe cautioned Britain on Thursday that a vote to leave the European Union in a June 23 referendum would make Britain less attractive for Japanese inve...
Japan's Abe says Brexit would make UK less attractive for Japanese investorsJapan's Abe says Brexit would make UK less attractive for Japanese investors
LONDON (Reuters) - Japanese Prime Minister Shinzo Abe said on Thursday that a vote to leave the European Union in a June 23 referendum would make Britain less attractive for Japanese investors. "Jap...
U.S. stock futures higher as oil prices gainU.S. stock futures higher as oil prices gain
(Reuters) - U.S. stock index futures were higher on Thursday, after three straight days of losses, as oil prices rose for the first time this week and ahead of the monthly jobs data on Friday. * Oil...
Libya output could fall within days if Hariga dispute continues - NOC TripoliLibya output could fall within days if Hariga dispute continues - NOC Tripoli
LONDON (Reuters) - Libya may be forced to slash oil production within days if a stand-off between eastern and western factions that has prevented loadings at the Marsa al-Hariga port continues, an off...

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.

{localized={en_US=Terry}, preferredLocale={country=US, language=en}} {localized={en_US=Scott}, preferredLocale={country=US, language=en}}

Terry Scott
CEO of StockMarketWatch

View Profile


Learn the Stock Market

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

Be a Better
Trader, Today
arrow
PreMarket PRO Our New Streaming Realtime Pre-Market Product -- Click Here to Learn More