Fortinet 3Q net down 4 pct., even as revenue grew
SUNNYVALE, Calif. (AP) — Network security provider Fortinet Inc. said Tuesday that its third-quarter net income fell 4 percent as expenses grew.
The company said net income for the quarter that ended Sept. 30 was $17.2 million, or 10 cents per share. That was down from $17.9 million, or 11 cents per share, during the same period last year.
Revenue rose 17 percent to $136.3 million, from $116.4 million a year ago.
It said its adjusted earnings per share would have been 14 cents for the quarter, up from 13 cents per share for the same period last year. Analysts surveyed by FactSet expected a profit of 14 cents per share on revenue of $136.4 million.
Sales and marketing expenses grew by $7.8 million, and research and development expenses grew by $3.7 million.
Fortinet shares rose 5 cents to close at $24.80 before the results were released. They plunged $4.39, or 17.7 percent, to $20.41 in aftermarket trading.