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Fortinet swings to loss in Q1

Fortinet Inc. said its normalized net income for the first quarter was a loss of $3.1 million, compared with income of $1.0 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 0.6% from 0.5% in the year-earlier period.

Total revenue increased 33.7% on an annual basis to $284.6 million from $212.9 million, and total operating expenses grew 36.8% on an annual basis to $289.9 million from $212.0 million.

Reported net income came to a loss of $3.4 million, or a loss of 2 cents per share, compared to income of $1.7 million, or 1 cents per share, in the prior-year period.