Fortinet Inc. Falls After Hours; Q4 Net Down 43%

Fortinet Inc.

fell in the extended session after the company posted a 43 percent decline in net income, although adjusted profit was in line with expectations. The Sunnyvale, California-based network security company traded recently at $30.75, down more than 2 percent. Fortinet didn't immediately provide an earnings outlook but said it's "continuing to invest for future growth and market share gains." Total fourth-quarter billings grew 35 percent to $282.7 million from $209.8 million a year earlier. Net income declined to $6.8 million, or $0.04 cents a share, from $12 million, or $0.07 cents a share last year. Adjusted income equaled $0.14 cents a share. while revenue grew 26 percent to $224 million from $177.4 million a year earlier. Wall Street expected earnings of $0.14 cents a share, on revenue of $211.16 million.