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Jun 30, 2021
Fortinet Q2 2021 Earnings Report
Reported strong financial results with revenue growth and increased billings.
Key Takeaways
Fortinet reported a strong second quarter with a 30% increase in total revenue year-over-year, driven by growth in both product and service revenue. The company's billings also saw significant growth, and they raised full-year revenue and billings guidance.
Total revenue increased by 30% year-over-year to $801.1 million.
Product revenue grew by 41% year-over-year to $298.3 million.
Service revenue increased by 24% year-over-year to $502.8 million.
Billings grew by 35% year-over-year to $960.9 million.
Revenue by Segment
Forward Guidance
Fortinet expects revenue between $800 million and $815 million and billings between $940 million and $960 million for the third quarter of 2021.
Positive Outlook
- Revenue in the range of $800 million to $815 million
- Billings in the range of $940 million to $960 million
- Non-GAAP gross margin in the range of 77.5% to 78.5%
- Non-GAAP operating margin in the range of 24.5% to 25.5%
- Diluted non-GAAP net income per share in the range of $0.90 to $0.95
Historical Earnings Impact
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Avg. Return Before/After Earnings
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