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Sep 30, 2024
Fortinet Q3 2024 Earnings Report
Reported strong financial results with revenue exceeding guidance and record non-GAAP operating margin.
Key Takeaways
Fortinet reported a strong third quarter in 2024, with total revenue up 13% year-over-year to $1.51 billion. The company's non-GAAP operating margin reached a record 36.1%, and billings and product revenue returned to growth. Fortinet is raising its 2024 revenue and non-GAAP operating margin guidance.
Total revenue increased by 13% year-over-year, with service revenue up by 19%.
Billings and product revenue experienced a return to growth.
GAAP operating margin reached a record of 31.2%.
Free cash flow was reported at $572 million.
Revenue by Segment
Forward Guidance
For the fourth quarter of 2024, Fortinet expects revenue in the range of $1.560 billion to $1.620 billion and billings in the range of $1.900 billion to $2.000 billion.
Positive Outlook
- Revenue in the range of $1.560 billion to $1.620 billion
- Billings in the range of $1.900 billion to $2.000 billion
- Non-GAAP gross margin in the range of 79.5% to 80.5%
- Non-GAAP operating margin in the range of 33.0% to 34.0%
- Diluted non-GAAP net income per share in the range of $0.58 to $0.62
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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