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Dec 31, 2020
Fortinet Q4 2020 Earnings Report
Reported a 21% increase in total revenue year-over-year, driven by strong sales and demand for cybersecurity products.
Key Takeaways
Fortinet reported strong Q4 2020 financial results, with total revenue up 21% year-over-year. The company's performance was driven by strong sales execution, an innovative culture, and growing market demand for cybersecurity solutions.
Total revenue reached $748.0 million, a 21% increase year-over-year.
Product revenue increased by 21% year-over-year, totaling $288.4 million.
Service revenue grew by 21% year-over-year, reaching $459.6 million.
GAAP diluted net income per share was $0.89, compared to $0.67 for the same quarter of 2019.
Fortinet
Fortinet
Fortinet Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.com Forward Guidance
For the first quarter of 2021, Fortinet expects revenue in the range of $670 million to $685 million and billings in the range of $765 million to $780 million.
Positive Outlook
- Revenue in the range of $670 million to $685 million
- Billings in the range of $765 million to $780 million
- Non-GAAP gross margin in the range of 78.5% to 79.5%
- Non-GAAP operating margin in the range of 22.5% to 23.5%
- Diluted non-GAAP net income per share in the range of $0.70 to $0.75
Challenges Ahead
- Uncertainty regarding the impact of the COVID-19 pandemic on employees and overall financial performance.
- Potential negative impacts from the COVID-19 pandemic on sales, billings, revenue, demand and buying patterns.
- Component supply and ability to manufacture products to meet demand in a timely fashion may be affected by the pandemic.
- Possible increased costs for shipping and components due to the pandemic.
- The duration and severity of the economic downturn from the pandemic may negatively impact business and operations.