Fortinet Inc. (FTNT) Tuesday reported a decline in profit for the first quarter. However, revenues rose by 16 percent.
Net income for the quarter declined to $12.2 million or $0.07 per share from $14.2 million or $0.09 per share in the same period last year.
Adjusted earnings were $17.3 million or $0.10 per share, compared with $17.5 million or $0.11 per share in the prior year quarter.
On average, 22 analysts polled by Thomson Reuters expected the company to earn $0.10 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $135.82 million, up 16 percent from $117.25 million in the prior year period, while twenty analysts expected to revenues of $135.62 million.
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