Press release
Fortinet Reports First Quarter 2023 Financial Results
First Quarter 2023 Highlights Product revenue of $500.7 million, up 35% year over yearService revenue of $761.6 million, up 30% year over yearTotal revenue of
About this update from Fortinet, Inc.
[{"type":"text","content":"First Quarter 2023 Highlights Product revenue of $500.7 million, up 35% year over yearService revenue of $761.6 million, up 30% year over yearTotal revenue of $1.26 billion, up 32% year over yearBillings of $1.50 billion, up 30% year over year1Deferred revenue of $4.88 billion, up 33% year over yearGAAP operating income of $273.5 million, up 81% year over yearNon-GAAP operating income of $334.0 million, up 59% year over year1GAAP operating margin of 21.7%Non-GAAP operating margin of 26.5%1GAAP diluted net income per share attributable to Fortinet, Inc. of $0.31, up 82% year over year2Non-GAAP diluted net income per share attributable to Fortinet, Inc. of $0.34, up 79% year over year1,2Cash flow from operations of $677.5 millionFree cash flow of $647.2 million1 SUNNYVALE, Calif., May 04, 2023 (GLOBE NEWSWIRE) -- Fortinet® (Nasdaq: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, today announced financial results for the first quarter ended March 31, 2023. “Revenue growth in the first quarter was 32% due to strong growth in both product and service revenue. With 35% product revenue growth, we continue to gain market share while being a leading product revenue company in the cybersecurity industry. Service revenue grew over 30% for the first time in a quarter in six years. We believe we have a significant opportunity to continue to grow service revenue by upselling value-added security services to our large installed base of customers,” said Ken Xie, Founder, Chairman and Chief Executive Officer. “Companies of all sizes are increasingly recognizing that Fortinet's integrated FortiOS and custom ASIC technology can deliver a lower total cost of ownership while improving the efficiency and efficacy of their security.” Financial Highlights for the First Quarter of 2023 Product Revenue: Product revenue was $500.7 million for the first quarter of 2023, an increase of 35.0% compared to $371.0 million for the same quarter of 2022. Service Revenue: Service revenue was $761.6 million for the first quarter of 2023, an increase of 30.5% compared to $583.8 million for the same quarter of 2022. Revenue: Total revenue was $1.26 billion for the first quarter of 2023, an increase of 32.2% compared to $954.8 million for the same quarter of 2022. Billings1: Total billings were $1.50 billion for the first quarter of 2...