Fortinet Inc (NASDAQ:FTNT) reported third-quarter financial results after the market close on Thursday. Here's a rundown of the cybersecurity company's quarterly report.
Q3 Earnings: Fortinet reported third-quarter revenue of $1.51 billion, beating the consensus estimate of $1.48 billion. The cybersecurity company reported third-quarter adjusted earnings of 63 cents per share, beating analyst estimates of 52 cents per share.
Fortinet's total revenue was up 13% year-over-year. Product revenue was up 1.7% year-over-year at $473.9 million. Service revenue grew 19.1%. year-over-year to $1.03 billion. Billings of $1.58 billion were up 6.1%.
Cash flow from operations came in at $608.1 million and free cash flow totaled $571.8 million during the quarter. The company ended the third quarter with $2.49 billion in cash and cash equivalents.
"Our investments in the fast-growing markets of Unified SASE and Security Operations generated strong results as we continued to gain market share in Secure Networking," said Ken Xie, founder, chairman and CEO of Fortinet.
Fortinet's board authorized a $1 billion increase to the company's share repurchase program. Fortinet said it had approximately $2.03 billion remaining on its buyback as of Nov. 7.
Outlook: Fortinet expects fourth-quarter revenue to be between $1.56 billion and $1.62 billion. The company anticipates fourth-quarter adjusted earnings of 58 cents to 62 cents per share.
Fortinet expects full-year revenue to be in the range of $5.856 billion to $5.916 billion versus estimates of $5.861 billion. The company sees full-year adjusted earnings in the range of $2.20 to $2.28 per share.