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Jun 30, 2024
Fortinet Q2 2024 Earnings Report
Fortinet balanced growth and profitability, achieving a record non-GAAP operating margin and aligning billings and revenue with guidance.
Key Takeaways
Fortinet reported total revenue of $1.43 billion, up 11% year-over-year. The company's non-GAAP operating margin increased by 820 basis points year-over-year to a record 35.1%. Fortinet is continuing to invest in Unified SASE and Security Operations markets, while gaining market share in Secure Networking.
Total revenue reached $1.43 billion, an 11% increase year-over-year.
Service revenue grew to $982 million, up 20% year-over-year.
GAAP operating margin hit a record of 30.5%.
Non-GAAP operating margin reached a record 35.1%.
Fortinet
Fortinet
Fortinet Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comService Revenue
CapyFin.com Forward Guidance
For the third quarter of 2024, Fortinet expects revenue between $1.445 billion and $1.505 billion, and billings between $1.530 billion and $1.600 billion. The non-GAAP operating margin is expected to be between 30.5% and 31.5%, with diluted non-GAAP net income per share between $0.56 and $0.58.
Positive Outlook
- Revenue in the range of $1.445 billion to $1.505 billion
- Billings in the range of $1.530 billion to $1.600 billion
- Non-GAAP gross margin in the range of 79.0% to 80.0%
- Non-GAAP operating margin in the range of 30.5% to 31.5%
- Diluted non-GAAP net income per share in the range of $0.56 to $0.58
Revenue & Expenses
Visualization of income flow from segment revenue to net income