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Mar 31, 2022
Fortinet Q1 2022 Earnings Report
Reported better-than-expected revenue growth driven by record product revenue growth and strong demand.
Key Takeaways
Fortinet reported a strong first quarter with a 34% year-over-year increase in total revenue, driven by a 54% increase in product revenue. The company's performance reflects strong demand for its cybersecurity and networking solutions, as well as effective navigation of supply chain challenges.
Total revenue increased by 34% year-over-year, reaching $954.8 million.
Product revenue grew by 54% year-over-year, totaling $371.0 million.
Billings increased by 36% year-over-year, amounting to $1.16 billion.
GAAP diluted net income per share was $0.84, compared to $0.64 for the same quarter of the previous year.
Fortinet
Fortinet
Fortinet Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.com Forward Guidance
For the second quarter of 2022, Fortinet expects revenue in the range of $1.005 billion to $1.035 billion and billings in the range of $1.225 billion to $1.265 billion.
Positive Outlook
- Revenue in the range of $1.005 billion to $1.035 billion
- Billings in the range of $1.225 billion to $1.265 billion
- Non-GAAP gross margin in the range of 74.5% to 76.0%
- Non-GAAP operating margin in the range of 22.0% to 23.5%
- Diluted non-GAAP net income per share in the range of $1.05 to $1.10