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Mar 31, 2024
Fortinet Q1 2024 Earnings Report
Reported financial results for the first quarter ended March 31, 2024.
Key Takeaways
Fortinet reported a 7.2% increase in total revenue, reaching $1.35 billion for Q1 2024. Service revenue increased by 24.0% year over year, while product revenue decreased by 18.3%. The company's GAAP operating margin was 23.7%, and free cash flow was $608.5 million.
Total revenue reached $1.35 billion, representing a 7% year-over-year increase.
Service revenue grew by 24% year-over-year, amounting to $944 million.
GAAP operating margin stood at 23.7%.
Free cash flow was reported at $609 million.
Revenue by Segment
Forward Guidance
For the second quarter of 2024, Fortinet expects revenue between $1.375 billion and $1.435 billion, billings between $1.490 billion and $1.550 billion, a non-GAAP gross margin between 76.50% and 77.50%, a non-GAAP operating margin between 25.75% and 26.75%, and diluted non-GAAP net income per share between $0.39 and $0.41.
Positive Outlook
- Revenue in the range of $1.375 billion to $1.435 billion
- Billings in the range of $1.490 billion to $1.550 billion
- Non-GAAP gross margin in the range of 76.50% to 77.50%
- Non-GAAP operating margin in the range of 25.75% to 26.75%
- Diluted non-GAAP net income per share in the range of $0.39 to $0.41
Historical Earnings Impact
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Avg. Return Before/After Earnings
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