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Sep 30, 2023
Fortinet Q3 2023 Earnings Report
Announced financial results for the third quarter ended September 30, 2023.
Key Takeaways
Fortinet reported a total revenue of $1.33 billion, up 16% year over year. GAAP diluted net income per share was $0.41, up 41% year over year. The company is focusing on the faster growing SASE and Security Operations markets.
Total revenue was $1.33 billion, up 16% year over year
Service revenue was $868.7 million, up 28% year over year
Billings were $1.49 billion, up 6% year over year
GAAP operating income was $303.2 million, up 14% year over year
Revenue by Segment
Forward Guidance
For the fourth quarter of 2023, Fortinet currently expects: •Revenue in the range of $1.380 billion to $1.440 billion •Billings in the range of $1.560 billion to $1.700 billion •Non-GAAP gross margin in the range of 75.5% to 76.5% •Non-GAAP operating margin in the range of 27.5% to 28.5% •Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $0.42 to $0.44, assuming a non-GAAP effective tax rate of 17%. This assumes a diluted share count of 780 million to 790 million.
Positive Outlook
- Revenue in the range of $1.380 billion to $1.440 billion
- Billings in the range of $1.560 billion to $1.700 billion
- Non-GAAP gross margin in the range of 75.5% to 76.5%
- Non-GAAP operating margin in the range of 27.5% to 28.5%
- Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $0.42 to $0.44, assuming a non-GAAP effective tax rate of 17%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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