SUNNYVALE, Calif. (AP) _ Fortinet Inc. (FTNT) on Wednesday reported first-quarter profit of $104 million.
The Sunnyvale, California-based company said it had profit of 60 cents per share.
The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.
The network security company posted revenue of $576.9 million in the period, also surpassing Street forecasts. Ten analysts surveyed by Zacks expected $557.2 million.
Fortinet shares have increased slightly more than 4% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $111.46, a rise of 31% in the last 12 months.