Shares in Fortinet Inc. dropped slightly in after-hours trading today despite the company reporting strong results in its second-quarter earnings.

For the quarter ended June 30, Fortinet reported revenue of $801.1 million, up 30% from $617.6 million in the same quarter of 2020. Earnings in the quarter came in at $135.7 million or 82 cents per share, compared with $113.8 million or 69 cents per share year-over-year.

Analysts had been predicting a profit of 87 cents per share on revenue of $744.14 million.

By the numbers, Fortinet saw product revenue grow 41% year-over-year, to $298.3 million, while service revenue grew 24%, to $502.8 million. Billings rose 35%, to $960.9 million, while total deferred revenue rose 27%, to $2.91 billion.

Highlights in the quarter included the company’s latest subscription service, FortiTrust, which bundles zero-trust network access, identity management and customer support. Fortinet also launched FortiGate 3500F, a next-generation firewall.

“We delivered our highest quarterly billings growth in over five years, led by the Americas and EMEA regions while continuing to invest across our product portfolio,” Ken Xie, founder, chairman and the chief executive officer of Fortinet, said in a statment. “Fortinet’s customers are seeing the value in our holistic platform approach, which delivers integrated and automated security across a company’s on-premise network, endpoints, and cloud edges.”

Looking forward, Fortinet forecast revenue between $800 million and $815 million in the third quarter and adjusted net income per share of 90 to 95 cents. For the full year, Fortinet predicted revenue of between $3.21 billion and $3.25 and adjusted net income per share of between $3.75 and $3.90.

Fortinet shares dropped more than 2% in after-hours trading.

Discussing Fortinet’s strategy of providing support to manage hybrid workplace threats and modernizing government security, Jim Richberg, public sector chief field information security officer and vice president of information security at Fortinet, spoke to SiliconANGLE Media’s video studio theCUBE earlier this month.

Richberg explained that the concept of zero trust had been misunderstood. “This is technology that’s your safety net; it’s not Big Brother,” Richberg said. “We call things an insider threat, recognizing that far more damage in an organization happens from people making mistakes. It’s insider risk that we need to manage. They’re human, they make mistakes and you can help them avoid some of those through technology. Zero trust gets to that.”

Image: Fortinet