On May 2, 2024, Fortinet, Inc., a global leader in cybersecurity, reported its financial results for the first quarter ended March 31, 2024. The company announced a total revenue of $1.35 billion, marking a 7% increase year over year, with service revenue growing by 24% to $944 million. Despite a decrease in product revenue by 18.3%, Fortinet achieved a GAAP operating margin of 23.7% and a non-GAAP operating margin of 28.5%. The company also reported strong cash flow from operations at $830 million and free cash flow of $609 million. Fortinet's CEO, Ken Xie, highlighted the company's strategic execution, focusing on Unified SASE and Security Operations markets, and expressed confidence in Fortinet's position to lead in its core growth areas. The company provided guidance for the second quarter of...Show More

On May 2, 2024, Fortinet, Inc., a global leader in cybersecurity, reported its financial results for the first quarter ended March 31, 2024. The company announced a total revenue of $1.35 billion, marking a 7% increase year over year, with service revenue growing by 24% to $944 million. Despite a decrease in product revenue by 18.3%, Fortinet achieved a GAAP operating margin of 23.7% and a non-GAAP operating margin of 28.5%. The company also reported strong cash flow from operations at $830 million and free cash flow of $609 million. Fortinet's CEO, Ken Xie, highlighted the company's strategic execution, focusing on Unified SASE and Security Operations markets, and expressed confidence in Fortinet's position to lead in its core growth areas. The company provided guidance for the second quarter of 2024, expecting revenue between $1.375 billion and $1.435 billion, and billings ranging from $1.490 billion to $1.550 billion. For the full fiscal year 2024, revenue is anticipated to be between $5.745 billion and $5.845 billion, with service revenue projected in the range of $3.940 billion to $3.990 billion. The company's forward-looking statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially.