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Jun 30, 2020
Fortinet Q2 2020 Earnings Report
Reported strong second quarter with revenue growth and increased demand for secure SD-WAN and work-from-home capabilities.
Key Takeaways
Fortinet's Q2 2020 financial results showed strong growth, with revenue up 18% year-over-year, driven by demand for secure SD-WAN and work-from-home solutions. Total revenue reached $615.5 million, and billings increased by 14% to $711.5 million.
Total revenue increased by 18% year-over-year to $615.5 million.
Product revenue grew by 12% year-over-year to $211.9 million.
Billings increased by 14% year-over-year to $711.5 million.
GAAP operating margin improved to 19.0%, up 460 basis points year-over-year.
Fortinet
Fortinet
Fortinet Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.com Forward Guidance
For the third quarter of 2020, Fortinet expects revenue in the range of $630 million to $645 million and billings in the range of $705 million to $730 million.
Positive Outlook
- Revenue in the range of $630 million to $645 million
- Billings in the range of $705 million to $730 million
- Non-GAAP gross margin in the range of 78.0% to 79.0%
- Non-GAAP operating margin in the range of 25.5% to 26.5%
- Diluted non-GAAP net income per share in the range of $0.76 to $0.78
Challenges Ahead
- Guidance excludes stock-based compensation.
- Guidance excludes amortization of acquired intangible assets.
- Guidance excludes gain on intellectual property matter.
- Actual results may differ materially.
- Uncertainty regarding customer buying patterns.