{"id":66070,"date":"2024-08-19T12:20:50","date_gmt":"2024-08-19T09:20:50","guid":{"rendered":"https:\/\/gulftech-news.com\/en\/?p=66070"},"modified":"2025-04-13T15:07:36","modified_gmt":"2025-04-13T13:07:36","slug":"fortinet-reports-second-quarter-2024-financial-results","status":"publish","type":"post","link":"https:\/\/gulftech-news.com\/en\/2024\/08\/19\/fortinet-reports-second-quarter-2024-financial-results\/","title":{"rendered":"Fortinet Reports Second Quarter 2024 Financial Results"},"content":{"rendered":"\n<ul class=\"wp-block-list\">\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">Record quarterly GAAP and Non-GAAP operating margins<\/mark><\/strong><\/li>\n\n\n\n<li><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\"><strong>Raises 2024 revenue and Non-GAAP operating margin guidance<\/strong><\/mark><\/li>\n\n\n\n<li><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\"><strong>Continuing to invest in the fast-growing Unified SASE and Security Operations markets<\/strong><\/mark><\/li>\n<\/ul>\n\n\n\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">Second Quarter 2024 Highlights<\/mark><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\"><strong>Total revenue of $1.43 billion, up 11% year over year<\/strong><\/mark><\/em><\/li>\n\n\n\n<li><em><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\"><strong>Service revenue of $982 million, up 20% year over year<\/strong><\/mark><\/em><\/li>\n\n\n\n<li><em><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\"><strong>Record GAAP operating margin of 30.5%<\/strong><\/mark><\/em><\/li>\n\n\n\n<li><em><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\"><strong>Record Non-GAAP operating margin of 35.1%<sup>1<\/sup><\/strong><\/mark><\/em><\/li>\n\n\n\n<li><em><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\"><strong>Cash flow from operations of $342 million<\/strong><\/mark><\/em><\/li>\n<\/ul>\n\n\n\n<p><strong><a href=\"https:\/\/www.fortinet.com\/\">Fortinet<\/a><\/strong>\u00ae (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, has announced financial results for the second quarter ended June\u00a030, 2024.<\/p>\n\n\n\n<p>\u201cIn the second quarter, we successfully balanced growth and profitability as our non-GAAP operating margin increased 820 basis points year-over-year to a company record of 35.1%<em><sup>1<\/sup><\/em>, while billings and revenue were at the high end of their respective guidance ranges,\u201d said Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet. <\/p>\n\n\n\n<p>\u201cWe are continuing to execute our strategy to invest in the fast-growing Unified SASE and Security Operations markets, while gaining market share in Secure Networking. We expect to emerge as a SASE leader, as we are the only vendor in the Gartner Magic Quadrant\u2122 for Single-Vendor SASE that is also recognized in five different network security Magic Quadrant\u2122 reports.<sup>2<\/sup>\u201d<\/p>\n\n\n\n<p><strong><u>Financial Highlights for the Second Quarter of 2024<\/u><\/strong><strong><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Revenue:<\/strong> Total revenue was $1.43 billion for the second quarter of 2024, an increase of 10.9% compared to $1.29 billion for the same quarter of 2023.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Product Revenue:<\/strong> Product revenue was $451.9 million for the second quarter of 2024, a decrease of 4.4% compared to $472.6 million for the same quarter of 2023.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Service Revenue:<\/strong> Service revenue was $982.4 million for the second quarter of 2024, an increase of 19.8% compared to $820.2 million for the same quarter of 2023.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Billings<sup>1<\/sup>: <\/strong>Total billings were $1.54 billion for the second quarter of 2024, remaining flat compared to $1.54 billion for the same quarter of 2023.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Deferred Revenue:<\/strong> Total deferred revenue was $5.90 billion as of June\u00a030, 2024, an increase of 15.0% compared to $5.13 billion as of June\u00a030, 2023.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>GAAP Operating Income and Margin:<\/strong> GAAP operating income was $437.2 million for the second quarter of 2024, representing a GAAP operating margin of 30.5%. GAAP operating income was $279.0 million for the same quarter of 2023, representing a GAAP operating margin of 21.6%.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Non-GAAPOperating Incomeand Margin<sup>1<\/sup>:<\/strong> Non-GAAP operating income was $503.6 million for the second quarter of 2024, representing a non-GAAP operating margin of 35.1%. Non-GAAP operating income was $348.1 million for the same quarter of 2023, representing a non-GAAP operating margin of 26.9%.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>GAAP Net Income and Diluted Net Income Per Share:<\/strong> GAAP net income was $379.8 million for the second quarter of 2024, compared to GAAP net income of $266.3 million for the same quarter of 2023. GAAP diluted net income per share was $0.49 for the second quarter of 2024, based on 769.9\u00a0million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $0.33 for the same quarter of 2023, based on 795.9\u00a0million diluted weighted-average shares outstanding.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Non-GAAPNet Income and Diluted Net Income Per Share<sup>1<\/sup>: <\/strong>Non-GAAP net income was $439.9 million for the second quarter of 2024, compared to non-GAAP net income of $300.4 million for the same quarter of 2023. Non-GAAP diluted net income per share was $0.57 for the second quarter of 2024, based on 769.9\u00a0million diluted weighted-average shares outstanding, compared to $0.38 for the same quarter of 2023, based on 795.9\u00a0million diluted weighted-average shares outstanding.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cash Flow:<\/strong> Cash flow from operations was $342.0 million for the second quarter of 2024, compared to $515.1 million for the same quarter of 2023.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Free Cash Flow<sup>1<\/sup>: <\/strong>Free cash flow was $318.9 million for the second quarter of 2024, compared to $438.3 million for the same quarter of 2023.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Record quarterly GAAP and Non-GAAP operating margins Raises 2024 revenue and Non-GAAP operating margin guidance Continuing to invest in the fast-growing Unified SASE and Security Operations markets Second Quarter 2024 Highlights Total revenue of $1.43 billion, up 11% year over year Service revenue of $982 million, up 20% year over year Record GAAP operating margin &hellip;<\/p>\n","protected":false},"author":2,"featured_media":66071,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-66070","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - 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