Loading...
•
Jun 30, 2023
Fortinet Q2 2023 Earnings Report
Fortinet's financial performance improved, marked by revenue growth and increased profitability.
Key Takeaways
Fortinet reported a strong second quarter in 2023, with revenue reaching $1.29 billion, a 25.5% increase year-over-year. The company's GAAP EPS rose to $0.33, up 57% year-over-year, and non-GAAP EPS increased to $0.38, a 58% increase year-over-year. Fortinet's focus on secure networking, consolidated cybersecurity fabric, hybrid cloud security, and operational technology contributed to its growth.
Total revenue increased by 25.5% year-over-year, reaching $1.29 billion.
Product revenue grew by 18% year-over-year to $472.6 million.
Service revenue increased by 30% year-over-year to $820.2 million.
GAAP diluted net income per share increased by 57% year-over-year to $0.33.
Revenue by Segment
Forward Guidance
For the third quarter of 2023, Fortinet expects revenue between $1.315 billion and $1.375 billion, and billings between $1.560 billion and $1.620 billion. Non-GAAP gross margin is expected to be in the range of 75.5% to 76.5%, and non-GAAP operating margin in the range of 24.5% to 25.5%. Diluted non-GAAP net income per share is projected to be between $0.35 and $0.37.
Positive Outlook
- Revenue in the range of $1.315 billion to $1.375 billion
- Billings in the range of $1.560 billion to $1.620 billion
- Non-GAAP gross margin in the range of 75.5% to 76.5%
- Non-GAAP operating margin in the range of 24.5% to 25.5%
- Diluted non-GAAP net income per share in the range of $0.35 to $0.37
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...