(Updates share price in the second paragraph.)
Feb. 1 (Bloomberg) -- Fortinet Inc. jumped after the maker of network-security technology reported fourth-quarter sales and profit that exceeded analysts’ estimates.
Fortinet shares advanced 9.8 percent to $25.04 at the close today, the biggest gain since Oct. 25. The stock rose 35 percent last year.
Net income rose 2.2 percent to $16.5 million, or 10 cents a share, the Sunnyvale, California-based company said after the markets closed. Profit excluding certain items was 14 cents a share, compared with the 12-cent average of predictions compiled by Bloomberg.
The numbers reflect strong demand for security products to protect computer networks, particularly among large corporations that Fortinet is increasingly targeting, said Chief Executive Officer Ken Xie.
“Our efforts to strengthen our global sales team and enhance our product portfolio have enabled us to successfully penetrate the large enterprise market,” Xie said in a statement.
Revenue rose 29 percent to $120.9 million, topping the average estimate of $116.8 million.
The company forecast that first-quarter profit excluding items will be 11 cents a share, which matched the average prediction. Revenue will be $112 million to $115 million, Fortinet said. Analysts anticipated $113.4 million.
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