Summary by Moomoo AI
Fortinet, a leader in cybersecurity, reported a total revenue of $1.35 billion for the first quarter of 2024, marking a 7% increase from the $1.26 billion in the same period last year. The growth was primarily driven by a 24% increase in service revenue, which reached $944.4 million. However, product revenue saw an 18% decrease to $408.9 million, attributed to a decline in hardware revenue, pricing adjustments, and macroeconomic factors. The company's total gross profit rose by 10% to $1.05 billion, with a total gross margin improvement of 1.9 percentage points to 77.5%. Operating income also saw a significant increase of 17% to $321.2 million. Geographically, revenue from the Americas and EMEA regions grew by 6% and 13%, respectively, while APAC experienced a slight decrease of 1%. Fortinet's effective tax rate for the quarter was...Show More