Fortinet Reports Lower Q3 Profit Despite Revenue Growth

(RTTNews) - Fortinet, Inc. (FTNT) on Wednesday reported higher revenue but lower profit for the third quarter.

The cybersecurity firm reported $1.72 billion in revenue, a 14 percent increase over $1.51 billion in the same period the previous year. While service revenue increased 13 percent to $1.17 billion, product revenue increased 18 percent to $559 million.

Compared to $540 million a year earlier, net income fell 12 percent to $474 million. Compared to the previous year's quarter, earnings per share decreased to $0.62 from $0.70.

FTNT closed Wednesday's trading at $85.99, up $0.77 or 0.90 percent on the Nasdaq.