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Dec 31, 2021
Fortinet Q4 2021 Earnings Report
Reported revenue increase of 29% year over year.
Key Takeaways
Fortinet reported a strong fourth quarter and full year 2021, with revenue up 29% year over year. The company's performance was driven by increased demand for its cybersecurity solutions and exceptional execution from its global operations and sales teams.
Total revenue of $963.6 million, up 29% year over year
Product revenue of $378.9 million, up 31% year over year
Service revenue of $584.7 million, up 27% year over year
Billings of $1.31 billion, up 36% year over year
Revenue by Segment
Forward Guidance
For the first quarter of 2022, Fortinet currently expects: Revenue in the range of $865 million to $895 million
Positive Outlook
- Revenue in the range of $865 million to $895 million
- Billings in the range of $1.050 billion to $1.090 billion
- Non-GAAP gross margin in the range of 75.5% to 76.5%
- Non-GAAP operating margin in the range of 19.5% to 20.5%
- Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $0.75 to $0.80, assuming a non-GAAP effective tax rate of 18%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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