Fortinet (NASDAQ:FTNT) shares surged more than 5% on Friday after the company reported its Q1 earnings results, with EPS coming in at $0.34, above the Street estimate of $0.29. Revenue was $1.26 billion, beating the Street estimate of $1.2 billion.

Results were highlighted by over 35% product growth, 31% service revenue growth (first time above 30% in six years), the eighth consecutive quarter of 30% billings growth, and adjusted Free Cash flow margin of 52%, the highest as a public company.

Results continue to benefit from broad-based strength around expanding firewall deployment environments, convergence of security and networking, and increasing vendor and product functionality consolidation.