Press release
Fortinet Reports Second Quarter 2024 Financial Results
Record quarterly GAAP and Non-GAAP operating margins Raises 2024 revenue and Non-GAAP operating margin guidanceContinuing to invest in the fast-growing
About this update from Fortinet, Inc.
[{"type":"text","content":"Record quarterly GAAP and Non-GAAP operating margins Raises 2024 revenue and Non-GAAP operating margin guidanceContinuing to invest in the fast-growing Unified SASE and Security Operations markets Second Quarter 2024 Highlights Total revenue of $1.43 billion, up 11% year over yearService revenue of $982 million, up 20% year over yearRecord GAAP operating margin of 30.5%Record Non-GAAP operating margin of 35.1%1Cash flow from operations of $342 million SUNNYVALE, Calif., Aug. 06, 2024 (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, 2024. “In the second quarter, we successfully balanced growth and profitability as our non-GAAP operating margin increased 820 basis points year-over-year to a company record of 35.1%1, while billings and revenue were at the high end of their respective guidance ranges,” said Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet. “We are continuing to execute our strategy to invest in the fast-growing Unified SASE and Security Operations markets, while gaining market share in Secure Networking. We expect to emerge as a SASE leader, as we are the only vendor in the Gartner Magic Quadrant™ for Single-Vendor SASE that is also recognized in five different network security Magic Quadrant™ reports.2” Financial Highlights for the Second Quarter of 2024 Revenue: Total revenue was $1.43 billion for the second quarter of 2024, an increase of 10.9% compared to $1.29 billion for the same quarter of 2023. Product Revenue: Product revenue was $451.9 million for the second quarter of 2024, a decrease of 4.4% compared to $472.6 million for the same quarter of 2023. Service Revenue: Service revenue was $982.4 million for the second quarter of 2024, an increase of 19.8% compared to $820.2 million for the same quarter of 2023. Billings1: Total billings were $1.54 billion for the second quarter of 2024, remaining flat compared to $1.54 billion for the same quarter of 2023. Deferred Revenue: Total deferred revenue was $5.90 billion as of June 30, 2024, an increase of 15.0% compared to $5.13 billion as of June 30, 2023. GAAP Operating Income and Margin: GAAP operating income was $437.2 million for the second quarter of 2024, representing a GAAP operating margin ...