Fortinet, a network and content security and Fortune 500 company, known for its FortigGate enterprise firewall platform, has released its Q4 2017 financial report, beating expectations and reporting a revenue of US $417 million, which is an impressive increase of 15 percent compared to the last year.
In addition to the strong revenue of US $417 million, the rest of the Q4 2017 financial report includes gross margin of 76 percent, operating income of US $79 million with operating margin of 19 percent. The net income was at US $55 million, up by 4 percent compared to the same quarter last year, with earnings per share of $0.32, up by 7 percent compared to the same quarter last year.
According to details provided by Fortinet CEO, Ken Xie, the main driver for strong sales was company’s fast-growing cloud security business. Fortinet has been focused on that market and its Fortigate virtual machine (VM) has been recently added to the Google Cloud Platform.
The company managed to exceed its target full-year revenue of US $1.49 billion by just a small margin, reporting US $1.495 billion.
As far as next year is concerned, Fortinet expects revenue in the range of US $387 to US $393 million for the Q1 2018 and around US $1.695 billion to US $1.715 billion for the entire year.
The company also announced that its CFO, Andrew Del Matto, will be leaving as of February 16th, which could have an effect on the company. Earlier reports suggest that he will be switching to Citrix, where he will also work as the CFO. Del Matto will be replaced by Keith Jensen, currently working at Fortinet’s Chief Accounting Office.
Bear in mind that Fortinet is definitely in top 10 network security companies in the world. You can check out the full report over at Fortinet’s corporate page.