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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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