Gross profit increased to $69.9m
Network security provider Fortinet has reported total revenues of $93.3m for the first quarter of 2011, an increase of 34% as compared to $69.8m for the same quarter in 2010.
The company has posted an operating income of $17.4m for the quarter, an increase of 159% as compared to $6.7m for the same period last year.
Gross profits for the Q1 2011 was $69.9m as compared to $50.4m of Q1 of 2010.
For the quarter ended 31 March 2011, the company posted net income of $13.6m, or $0.17 per share, as compared to $4.2m, or $0.06 per share, for the same period last year.
Deferred revenue was $266m as of 31 March 2011, an increase of 26% compared to deferred revenue as of 31 March 2010, and up $13.4m from 31 December 2010.
Fortinet founder and CEO Ken Xie said the first quarter marked a strong start to the year for the company with solid execution and a healthy pipeline of business.
"Our recent investments in our global sales organisation and sharpened focus on penetrating the large enterprise have resulted in significant momentum in our business across geographic regions, with especially strong performance in the Americas," Xie said.
"Our ability to demonstrate the price performance advantage of our offerings and to introduce new cutting edge technologies continues to strengthen our competitive position in the marketplace, particularly as demand trends in the broader UTM market accelerate."