Fortinet reported Q3 revenue of 316.6 million, an increase of 22% compared to $260.1 million in the same quarter of 2015. GAAP net income was $6.3 million for the third quarter of 2016, compared to GAAP net income of $8.2 million for the same quarter of 2015. GAAP diluted net income per share was $0.04 for the third quarter of 2016. GAAP diluted net income per share was $0.05 in the third quarter of 2015.
"While our third quarter results were impacted by a moderated spending environment, extended sales cycles and sales execution challenges, we continued to outgrow the market, as well as add 9,000 new customers," stated Ken Xie, founder, chairman and chief executive officer. "Fortinet remains in a position to benefit from key secular trends such as security vendor consolidation and next generation cloud architectures. We have a strong technology advantage and visionary roadmap in place to help us continue to grow our market position, address our large opportunity, and make progress towards achieving our long term margin targets."
Total billings were $347.5 million for the third quarter of 2016, an increase of 16% compared to $299.6 million in the same quarter of 2015.
Deferred Revenue: Total deferred revenue was $934.8 million as of September 30, 2016, an increase of 32% compared to $706.9 million in the same quarter of 2015. Total deferred revenue increased by $30.8 million compared to $904.0 million as of June 30, 2016.