WatchGuard reveals Q1 Financial Results

WatchGuard Technologies has announced that it has set new company records with its Q1 financial results. WatchGuard's net billings exceeded all previous quarterly outcomes as customers took advantage of several significant new product releases over the past few months, including the launch of two new Wireless Access Points, seven new WatchGuard XTM models, and updated features that provide customers with increased functionality while maintaining a high level of manageability.
 
While WatchGuard saw a YoY increase in sales across customers of all sizes, Q1 results showed that the XTM 5 Series Unified Threat Management firewall, a solution targeted at mid-sized enterprises, led the charge and continued to be WatchGuard’s top-selling product. In fact, product and attached service billings for mid-sized companies showed 24-per cent growth when compared to the first quarter of 2012.
 
Richard Barber, CFO, WatchGuard Technologies, said, "The growth we’ve experienced over the past three months makes it clear that more customers are looking to WatchGuard, not the competition, to safeguard their networks against today's blended threats. We have completely revamped our core product offering in just a little more than a year and there is more to come."
 
 
The results further revealed that WatchGuard noted a global spike in sales of product and attached services. The Americas saw YoY gains of 26 per cent and EMEA gained 16 per cent. In addition, the company saw a surge of new customers who replaced legacy security systems with WatchGuard products in Q1. WatchGuard experienced its largest quarter ever in terms of trade-in volume with a 65-per cent YoY increase.