Fortinet posted robust second-quarter 2020 earnings Thursday after shrugging off an uncertain market fueled by the ongoing pandemic.

While Fortinet exceeded revenue expectations during the quarter, the security vendor fell just short of billings projections, which executives attributed to COVID-19 economic concerns. Despite the miss, Fortinet billings remained strong throughout the quarter up 14% to $711 million across the vendor's product line.

"We are very pleased with the solid second-quarter performance," said CEO Ken Xie, on Thursday's earnings call.

Xie lauded the company's SD-WAN revenues, which grew to 12% of total second-quarter billings. "In today's environment, enterprises are focused on effectively and cost-efficiently deploying security across their physical and digital network," he said. "We attribute this growth to our ability to deliver secure, high-performance SD-WAN anywhere from home to branch to the cloud."

Xie also touched on the recent acquisition of secure access service edge (SASE) vendor Opaq. "With the acquisition of Opaq Networks, Fortinet has enhanced its FortiSASE solution with expanded cloud delivery, including firewall as a service and zero-trust network access."

Fortinet posted revenues of $616 million up 18% year-over-year. According to CFO Ken Jensen, non-FortiGate products and services drove revenue growth during the quarter and benefiting heavily from "demand for virtual machines and our work-from-home solutions."

Fortinet's FortiGate product line was another bright spot for the vendor where revenues grew 16% year over year.

Despite the company's performance during the quarter, Jensen warned that the pandemic is still reeking havoc on the global economy — in particular in North America. He said demand has ebbed and flowed, especially in hard-hit verticals like education and government. Fortinet also experienced billing declines in professional services and training.

"The economic and business impact of the pandemic seems inline with the ability of different countries and geographies to reopen and avoid temporary shutdowns and uncertainty," he said. "For example, after strong billings growth in April, we saw slower growth as we completed May, then followed by a bounce back to strong growth in June and again strong in July."

Setting aside an uncertain market, Fortinet anticipates strong performance going into the third quarter of 2020.

"In the third quarter we expect billings in the range of $705 million to $730 million; revenue in the range of $630 million to $650 million," said Jensen.

While Fortinet continues to ride out the pandemic largely unscathed, the company is not yet ready to share full-year guidance.

True to form, Fortinet complimented its quarterly earnings by yet another product launch. Leaning on its newly launched NP7 ASICs, Fortinet unveiled the FortiGate 4400F firewall.

Fortinet claims the new firewall can easily handle 100 Gb/s elephant flows even while using IPsec tunnels. The firewall boasts up to 1.2 Tb/s of throughput as well as SSL inspection up to 65 Gb/s.

The company claims these capabilities will be essential to securing large hyperscale data centers and 5G networks.