Shares of (NASDAQ: FTNT) jumped as much as 24.8% higher on Wendesday morning, boosted by a strong earnings report. By 10:30 a.m., the cybersecurity veteran's stock had backed down slightly to a 22.4% gain.

Fortinet's second-quarter revenue rose 11% year over year, landing at $1.43 billion. Product sales decreased by 4.4% while service revenues jumped 19.8% higher.

On the bottom line, adjusted earnings increased by 50% to $0.57 per diluted share. Free cash flow came in at $319 million, significantly below the year-ago reading of $438 million. The year-ago period included a $190 million deferral of cash tax payments; without that one-time tax effect, Fortinet's free cash flow would have risen by 28.6% year over year.

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Source Fool.com