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Dec 31, 2023
Fortinet Q4 2023 Earnings Report
Fortinet's Q4 2023 financial results were announced, showcasing revenue growth and strategic advancements.
Key Takeaways
Fortinet reported a 10.3% year-over-year increase in total revenue for Q4 2023, reaching $1.42 billion. Billings also rose by 8.5% year-over-year to $1.86 billion. The company's focus on its platform strategy and sales execution drove growth in Security Operations and SASE billings.
Total revenue increased by 10.3% year-over-year, reaching $1.42 billion.
Billings grew by 8.5% year-over-year to $1.86 billion.
GAAP operating income was $385 million, with a margin of 27.2%.
Security Operations billings grew 44% year-over-year.
Revenue by Segment
Forward Guidance
Fortinet provided guidance for Q1 2024, expecting revenue between $1.300 billion and $1.360 billion and billings between $1.390 billion and $1.450 billion. For fiscal year 2024, revenue is projected to be between $5.715 billion and $5.815 billion, and service revenue is expected to be between $3.920 billion and $3.970 billion.
Positive Outlook
- Revenue in the range of $1.300 billion to $1.360 billion
- Billings in the range of $1.390 billion to $1.450 billion
- Non-GAAP gross margin in the range of 76.5% to 77.5%
- Non-GAAP operating margin in the range of 25.5% to 26.5%
- Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $0.37 to $0.39
Challenges Ahead
- General economic risks
- Supply chain challenges
- Uncertainties regarding demand and increased business and renewals from existing customers
Historical Earnings Impact
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Avg. Return Before/After Earnings
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