Search SaudiArabiaPR.com

Home >> Banking & Investments

Fortinet Reports First Quarter 2024 Financial Results

Fortinet Reports First Quarter 2024 Financial Results

Thursday, May 16, 2024/ Editor -  

Share

Home >> Banking & Investments

First Quarter 2024 Highlights

  • Total revenue of $1.35 billion, up 7% year over year
  • Service revenue of $944 million, up 24% year over year
  • GAAP operating margin of 23.7%
  • Non-GAAP operating margin of 28.5%
  • Cash flow from operations of $830 million
  • Free cash flow of $609 million

Riyadh:

Fortinet® (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, today announced financial results for the first quarter ended March 31, 2024.

Financial Highlights for the First Quarter of 2024

Total revenue was $1.35 billion for the first quarter of 2024, an increase of 7.2% compared to $1.26 billion for the same quarter of 2023. Product revenue was $408.9 million for the first quarter of 2024, a decrease of 18.3% compared to $500.7 million for the same quarter of 2023. Service revenue was $944.4 million for the first quarter of 2024, an increase of 24.0% compared to $761.6 million for the same quarter of 2023.

Total billings were $1.41 billion for the first quarter of 2024, a decrease of 6.4% compared to $1.50 billion for the same quarter of 2023. Total deferred revenue was $5.79 billion as of March 31, 2024, an increase of 18.6% compared to $4.88 billion as of March 31, 2023.

GAAP operating income was $321.2 million for the first quarter of 2024, representing a GAAP operating margin of 23.7%. This compares to GAAP operating income of $273.5 million for the same quarter of 2023, representing a GAAP operating margin of 21.7%. Non-GAAP operating income was $386.1 million for the first quarter of 2024, representing a non-GAAP operating margin of 28.5%. This compares to non-GAAP operating income of $334.0 million for the same quarter of 2023, representing a non-GAAP operating margin of 26.5%.

GAAP net income was $299.3 million for the first quarter of 2024, compared to GAAP net income of $247.7 million for the same quarter of 2023. GAAP diluted net income per share was $0.39 for the first quarter of 2024, based on 770.5 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $0.31 for the same quarter of 2023, based on 793.4 million diluted weighted-average shares outstanding. Non-GAAP net income was $333.9 million for the first quarter of 2024, compared to non-GAAP net income of $269.7 million for the same quarter of 2023. Non-GAAP diluted net income per share was $0.43 for the first quarter of 2024, based on 770.5 million diluted weighted-average shares outstanding, compared to $0.34 for the same quarter of 2023, based on 793.4 million diluted weighted-average shares outstanding.

Cash flow from operations was $830.4 million for the first quarter of 2024, compared to $677.5 million for the same quarter of 2023. Free cash flow was $608.5 million for the first quarter of 2024, compared to $647.2 million for the same quarter of 2023.

'We are diligently executing on our strategy announced six months ago to leverage our scale, go-to-market capabilities, customer-first focus, and engineering expertise to capitalize on the fast-growing Unified SASE and Security Operations markets while continuing to gain market share in Secure Networking,' said Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet. 'We believe our Unified SASE offering is the most comprehensive in the industry and we are well-positioned to lead in our three core growth areas by leveraging our expertise in converging networking and security, our history of AI innovation, and our ability to integrate products across our FortiOS operating system. We're pleased to have executed with strong financial discipline in the first quarter leading to outperforming on Non-GAAP operating margin and free cash flow.'


Previous in Banking & Investments

Next in Banking & Investments


Home >> Banking & Investments Section

Latest Press Release

InFlavour Returns to Riyadh this October, Feeding Saudi Arabia's Ambition of Bec ...

Seven drivers to battle for world championship title in formula e's thrilling se ...

Turtle Power for Bath and Shower!

SPL announces 2024-25 RSL Fixtures List

Alstom opens its regional headquarters in Saudi capital Riyadh

Captivating Circus Shows Mesmerize Visitors at Mercato during Dubai Summer Surpr ...

Saeed Saleh Al Ghamdi appointed as new Board Member at GII Holding LLC

Saudi Arabia orders four additional Airbus A330 MRTTs

MyAlice Expands Operations to Saudi Arabia with AstroLabs to Revolutionize Custo ...

LG named the official partner of the Esports world cup 2024 in Saudi Arabia

Opensignal Unveils Impressive 5G Speeds and Advancements Across Saudi Arabia's M ...

Greenpeace MENA: KSA' announcement of Major Oil and Natural Gas is deeply concer ...

Egis Secures Saudi Arabia's Top Environmental License for Sustainable Developmen ...

#W7Worldwide Looks to Break New Barriers in 2024 After a Record Year of Excellen ...

Cigna Healthcare Names Leah Cotterill Middle East and Africa CEO, outside KSA

Catrice's drops new summer favorites: Slim Eye Shadow Palettes and Kohl Kajal!

Get Ready to have your Summer glow-up with essence Cosmetics' summer collection ...

Intersec Saudi Arabia gears up for its biggest edition to date by welcoming over ...

Saudi Arabian stars set for Esports World Cup

Marina Rinaldi celebrates grand opening of luxury store in Saudi Arabia