Press release
Fortinet Reports Second Quarter 2023 Financial Results
Second Quarter 2023 Highlights Product revenue of $472.6 million, up 18% year over yearService revenue of $820.2 million, up 30% year over yearTotal revenue
About this update from Fortinet, Inc.
[{"type":"text","content":"Second Quarter 2023 Highlights Product revenue of $472.6 million, up 18% year over yearService revenue of $820.2 million, up 30% year over yearTotal revenue of $1.29 billion, up 26% year over yearBillings of $1.54 billion, up 18% year over year1Deferred revenue of $5.13 billion, up 30% year over yearGAAP operating income of $279.0 million, up 43% year over yearNon-GAAP operating income of $348.1 million, up 36% year over year1GAAP operating margin of 21.6%Non-GAAP operating margin of 26.9%1GAAP diluted net income per share attributable to Fortinet, Inc. of $0.33, up 57% year over yearNon-GAAP diluted net income per share attributable to Fortinet, Inc. of $0.38, up 58% year over year1Cash flow from operations of $515.1 millionFree cash flow of $438.3 million1 SUNNYVALE, Calif., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Fortinet® (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, today announced financial results for the second quarter ended June 30, 2023. “As a leading cybersecurity platform and secure networking vendor, we remain well-positioned for strong long-term growth as companies increasingly look to consolidate vendors and point products,” said Ken Xie, Founder, Chairman and Chief Executive Officer at Fortinet. “We are one of the top market share leaders in both SD-WAN and OT, and we will continue to focus on our key long-term growth markets of Secure Networking, Consolidated Cybersecurity Fabric, Hybrid Cloud Security, and Operational Technology, which have a combined 2023 TAM of $122 billion.” Financial Highlights for the Second Quarter of 2023 Product Revenue: Product revenue was $472.6 million for the second quarter of 2023, an increase of 17.9% compared to $400.7 million for the same quarter of 2022.Service Revenue: Service revenue was $820.2 million for the second quarter of 2023, an increase of 30.3% compared to $629.4 million for the same quarter of 2022.Revenue: Total revenue was $1.29 billion for the second quarter of 2023, an increase of 25.5% compared to $1.03 billion for the same quarter of 2022.Billings1: Total billings were $1.54 billion for the second quarter of 2023, an increase of 18.1% compared to $1.30 billion for the same quarter of 2022.Deferred Revenue: Total deferred revenue was $5.13 billion as of June 30, 2023, an increase of 30.4% compared to $3.93 billion ...