Fortinet Q3 2022 Earnings Report
Key Takeaways
Fortinet reported a strong third quarter in 2022, with revenue and billings growth exceeding 30%. Total revenue reached $1.15 billion, a 32.6% increase year-over-year, and billings amounted to $1.41 billion, up by 32.6%. The company's GAAP operating margin was 23.1%, and non-GAAP diluted net income per share was $0.33.
Total revenue increased by 33% year-over-year to $1.15 billion.
Product revenue grew by 39% year-over-year reaching $468.7 million.
Service revenue increased by 28% year-over-year to $680.8 million.
Billings increased by 33% year-over-year reaching $1.41 billion.
Fortinet
Fortinet
Fortinet Revenue by Segment
Forward Guidance
For the fourth quarter of 2022, Fortinet expects revenue in the range of $1.275 billion to $1.315 billion and billings in the range of $1.665 billion to $1.720 billion.
Positive Outlook
- Revenue in the range of $1.275 billion to $1.315 billion
- Billings in the range of $1.665 billion to $1.720 billion
- Non-GAAP gross margin in the range of 75.0% to 76.0%
- Non-GAAP operating margin in the range of 30.0% to 31.0%
- Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $0.38 to $0.40
Revenue & Expenses
Visualization of income flow from segment revenue to net income