CYBERSECURITY solutions provider Fortinet reported a 21-percent growth in total revenue to $453.9 million for the third quarter (Q3) of 2018 as a result of its delivery of needed security features to any point, from the endpoint to the cloud, in real time at the onset of various threat issues confronting the digital world.
The aggregate topline from July to September of this year was over $79.7 million than $374.2 million recorded during the same period in 2017.
“We delivered strong third quarter financial results. Our market share gains are being driven by the competitive advantages associated with our highly differentiated Security Fabric platform,” said Ken Xie, founder, chairman and CEO of Fortinet.
Built organically from the ground up, this architecture gives a wide set of security capabilities with exceptional integration and automation, for both on-premise and cloud deployment, according to him.
Of the overall revenue, the product topline rose 20 percent from $137.1 million to $164.5 million year-on-year (YoY). Service revenue for the two periods in review, on the other hand, reached $289.4 million, up 22 percent as against $237.1 million.
The company’s total billings amounted to $527.5 million, or an increase of 22 percent compared to $431.7 million.
Operating income based on Generally Accepted Accounting Principles stood at $62.8 million from $33.7 million in Q3 2018 and 2017, respectively.
They represented a GAAP operating margin of 14 percent and 9 percent, accordingly.
This year’s third quarter also saw Fortinet’s strong fiscal performance, with cash flow from operations surging from $162.3 million to $176.7 million YoY.
Free cash flow ballooned to $158.5 million in Q3 2018 versus $140.6 million in Q3 2017.
“Fortinet is well positioned to empower our customers with the latest evolution in network security and we are excited about the sizable opportunities that lie ahead,” said Xie.
The multinational expects to sustain its growth in the fourth quarter, with revenue ranging from $490 million to $500 million and billings between $620 million and $635 million.
For the fiscal year of 2018, it projects the topline to hit $1.785 billion to $1.795 billion and billings in the level of $2.125 billion to $2.140 billion. The security vendor secures the most valuable assets of some of the biggest enterprise, service provider and government organizations the world over.
Based in Sunnyvale, California, it is present in most of the countries, offering real-time protection to more than 300,000 customers worldwide.
In the Philippines, the network security company provides sales and marketing support, as well as technical back up to their distributors and resellers.