Fortinet handily beat Wall Street estimates on Thursday, reporting a strong third quarter growth thanks to an expansion in business from the Asia-Pacific region.
Fortinet delivered third quarter revenue of $867.2 million, up 33% from a year ago. For the third quarter, Fortinet’s non-GAAP earnings of $0.99 a share were above expectations.
Wall Street was expecting Fortinet to report third quarter earnings of $0.94 a share on revenue of $809.9 million.
Fortinet CEO Ken Xie said the company was pleased with its Q3 because they exceeded $1 billion in quarterly billings for the first time in their history.
“Additionally, Gartner again recognized our Secure SD-WAN solution as a Leader in the 2021 Magic Quadrant for WAN Edge Infrastructure while placing highest in its ability to execute,” Xie said.
“The total addressable market for network security is rapidly expanding from the data center outward to the local and wide-area networks, to the work-from-anywhere environment and to the cloud. We are focused on leveraging our ASIC-supported security fabric platform across this expanding total addressable market to drive better than industry average long-term growth for Fortinet.”
Product revenue was up more than 50% compared to Q3 2020 at $337.1 million. Service revenue was $530.1 million for the third quarter