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Sep 30, 2021
Fortinet Q3 2021 Earnings Report
Announced financial results for the third quarter ended September 30, 2021.
Key Takeaways
Fortinet reported a strong Q3 2021, exceeding $1 billion in quarterly billings for the first time. Total revenue reached $867.2 million, a 33% increase year-over-year, driven by growth in both product and service revenue. The company's Secure SD-WAN solution was recognized as a Leader in the 2021 Gartner Magic Quadrant for WAN Edge Infrastructure.
Total revenue increased by 33% year-over-year to $867.2 million.
Product revenue grew by 51% year-over-year to $337.1 million.
Total billings increased by 42% year-over-year, reaching $1.06 billion.
GAAP diluted net income per share was $0.97.
Revenue by Segment
Forward Guidance
For the fourth quarter of 2021, Fortinet expects revenue in the range of $940 million to $970 million and billings in the range of $1.165 billion to $1.215 billion. They also anticipate a non-GAAP diluted net income per share between $1.10 and $1.15.
Positive Outlook
- Revenue in the range of $940 million to $970 million
- Billings in the range of $1.165 billion to $1.215 billion
- Non-GAAP gross margin in the range of 75.0% to 76.0%
- Non-GAAP operating margin in the range of 27.0% to 28.0%
- Diluted non-GAAP net income per share attributable to Fortinet, Inc. common stockholders in the range of $1.10 to $1.15
Historical Earnings Impact
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Avg. Return Before/After Earnings
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