Fortinet Q3 earnings smash analyst forecasts

UTM vendor Fortinet has hailed a major enterprise contract win after banking record Q3 sales of $116.4m (£72.7m), up 37% on the same period last year. Net profits of $17.9m, up 28% year-on-year, beat analyst expectations by an impressive $0.04 per share, demonstrating that network security tec

UTM vendor Fortinet has hailed a major enterprise contract win after banking record Q3 sales of $116.4m (£72.7m), up 37% on the same period last year.

Net profits of $17.9m, up 28% year-on-year, beat analyst expectations by an impressive $0.04 per share, demonstrating that network security technology remains very much in vogue.

Company president and CEO Ken Xie said: "Demand in the UTM market combined with the successful implementation of our global go-to-market sales strategy continued to drive growth and market share gains.

"A strong network security product portfolio and the execution of our growth plan enabled us to continue to win business with service providers, and gain furthe traction with large enterprise deployments across all of our geographies," he added.

CFO Ken Goldman added: "We continued to achieve improvements in productivity levels as we remain focused on leveraging our investments in R&D and implementing our global sales strategy throughout the organization.

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