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

Japan downgrades economy for second month as output sagsJapan downgrades economy for second month as output sags
TOKYO (Reuters) - Japan`s government cut its overall economic assessment for the second straight month as weak consumption after a sales tax hike in April is causing companies to reduce production. ...
Weary French bosses square up as Hollande takes on '50th worker' reformWeary French bosses square up as Hollande takes on '50th worker' reform
PARIS (Reuters) - Of all the decisions that Dominique Goubault says have helped to keep his 117-year-old family business alive, one in particular raises eyebrows: limiting his staff numbers to 49 or...
Union does not rule out further strikes at Lufthansa this weekUnion does not rule out further strikes at Lufthansa this week
FRANKFURT (Reuters) - Strikes at Lufthansa could continue beyond Tuesday if the German airline fails to resume negotiations with its disgruntled pilots over retirement benefits, a board member of trad...
Pilots threaten more strikes as Lufthansa walkout continuesPilots threaten more strikes as Lufthansa walkout continues
FRANKFURT/BERLIN (Reuters) - Lufthansa`s <LHAG.DE> pilots` union said it could call for further strikes this week if the German airline fails to resume negotiations over retirement benefits, hea...
As China gets tougher on fuel economy, some carmakers may be left behindAs China gets tougher on fuel economy, some carmakers may be left behind
SHANGHAI/BEIJING (Reuters) - Chinese automakers from state-owned FAW Co to Zhejiang Geely are racing to sell more eco-friendly cars as they try to meet tough fuel economy rules due next year as part...

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.