Fortinet, a provider of high-performance network security and unified threat management (UTM) solutions, announced recently its financial results for the second quarter ended June 30, 2013.
Total revenue was US$147.4 million for the second quarter of 2013, or an increase of 14% from $129.0 million in the same quarter of 2012. Within total revenue, product revenue was $66.5 million, or an increase of 8% compared to the same quarter of 2012. Services revenue was $79.7 million, or up by 22% from the same quarter of 2012.
Meanwhile, total billings were $160.7 million for the second quarter of 2013, or an increase of 10% compared to $145.8 million in the same quarter of 2012. Deferred revenue, on the other hand,stood at $389.7 million as of June 30, 2013, an increase of 18% from $331.4 million as of June 30, 2012, and an increase of $13.3 million from $376.4 million as of March 31, 2013.
"Our ability to meet or exceed billings, revenue, and profitability expectations during the second quarter against challenging conditions in some markets and geographies highlights the breadth and diversity of Fortinet's business," said Ken Xie, Fortinet founder, president and chief executive officer. "While we will continue to move forward cautiously due to the ongoing macro uncertainty, we feel confident that the combination of our strong competitive advantages and product superiority positions us well for continued growth and market share gains."
Also, as of June 30, 2013, cash, cash equivalents, and investments were $814.4 million, compared to $782.5 million as of March 31, 2013. In the second quarter of 2013, cash flow from operations was $37.2 million and free cash flow was $35.2 million.
"We have a very broad product portfolio that stands for small business, major business, large enterprise to service providers," says Jeff Castillo, Fortinet Philippines country manager."Functionalities are highly uniform across our product portfolios, which means that whatever functionality the telcos can enjoy can also be enjoyed by small businesses."
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