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Fortinet 1Q profit matches estimates

Tue, 04/24/2012 - 7:40pm
The Associated Press

Network security provider Fortinet Inc. said Tuesday that its first-quarter net income grew along with revenue.

Net income in the three months to March 31 rose to $14.2 million, or 9 cents per share, from $13.6 million, or 8 cents per share, a year earlier.

Excluding stock-based compensation expenses and other items, adjusted earnings came to 11 cents per share, matching the estimate of analysts polled by FactSet.

Revenue rose 26 percent to $117.2 million from $93.3 million a year ago. That beat the $115 million expected by analysts.

Shares rose $1.12, or 4.4 percent, to $26.86 in extended trading Tuesday following the release of results. They closed down 68 cents, or 2.6 percent, at $25.74 in the regular session.

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