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Sep 30, 2020
Fortinet Q3 2020 Earnings Report
Reported solid third-quarter financial results, driven by strong performance in Secure SD-WAN, cloud, and Security Fabric offerings.
Key Takeaways
Fortinet reported a strong third quarter with total revenue reaching $651.1 million, a 19% increase year-over-year. The company's Secure SD-WAN revenue more than doubled compared to the same period last year. Fortinet's security-driven networking approach is well-positioned to protect the multiple edges created by digital transformation and cloud migration.
Total revenue increased by 19% year-over-year, reaching $651.1 million.
Product revenue grew by 14% year-over-year, totaling $223.8 million.
Service revenue increased by 22% year-over-year, amounting to $427.3 million.
Total billings increased by 20% year-over-year, reaching $749.8 million.
Fortinet
Fortinet
Fortinet Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.com Forward Guidance
For the fourth quarter of 2020, Fortinet expects revenue in the range of $710 million to $730 million and billings in the range of $890 million to $920 million.
Positive Outlook
- Revenue in the range of $710 million to $730 million
- Billings in the range of $890 million to $920 million
- Non-GAAP gross margin in the range of 78.0% to 80.0%
- Non-GAAP operating margin in the range of 27.0% to 29.0%
- Diluted non-GAAP net income per share in the range of $0.95 to $0.97, assuming a non-GAAP effective tax rate of 21%.