ANZ leading the pack as Fortinet logs bumper Q1 revenue

Fortinet has logged bumper revenue for the first quarter of 2016, with local results tracking higher than the global growth of 34%.

Jon McGettigan, Fortinet Australia, New Zealand and Pacific Islands senior director, says Fortinet ANZ has experienced ‘a fantastic Q1 with better growth results than the global average’.

While the company isn’t revealing the local figures, worldwide it has reported total billings of US$330.5 million, up 30% on last year’s Q1 billings of $254.3 million, and revenue of $284.6 million, up 34% on last year’s $212.9 million.

Product revenue was up 28% to $124.6 million, while service revenue jumped 39% to $160.0 million.

Despite the positive figures, the company recorded a GAAP operating loss of $5.7 million for the quarter, compared with a GAAP net income of $1.6 million a year ago.

McGettigan says the investment in the local team and the new approach to the market and channel is making a huge difference to our combined success.

“Much of this growth has taken place in the enterprise market, especially in the managed security services provider segment.

“We expect to continue our growth and increase our market-share in this and other vertical markets,” McGettigan adds.

Globally, Fortinet founder, chairman and chief executive Ken Xie says the company outperformed across all key metrics.

“The increasing complexity of the IT security landscape is driving customer adoption of broad, integrated platforms, which has been our vision from the company’s inception,” Xie says.

“Fortiinet’s Security Fabric is a strategic asset, since it allows customers to protect and gain intelligence on all points in the network – from IoT to cloud – through a unified operating system and management platform,” he adds.

Xie says combined with recently announced products, such as the FortiGate-6000E Series of high performance systems, this has strengthened Fortinet’s competitive position, extended its market opportunity and is driving continued growth for the company.

Fortinet cracked the US$1 billion mark for global revenue last financial year.