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Fortinet | 8-K/A: Fortinet Reports Second Quarter 2024 Financial Results

SEC ·  Aug 7 18:06

Summary by Futu AI

On August 6, 2024, Fortinet, Inc. released an amended Current Report on Form 8-K/A to correct a clerical error in its previously furnished financial guidance for Q3 and the full fiscal year of 2024. The updated guidance for diluted non-GAAP net income per share is now expected to be between $0.50 to $0.52 for Q3 and $2.00 to $2.04 for the fiscal year. This amendment does not affect any other parts of the original report or the financial results for the second quarter ended June 30, 2024, which showed a total revenue of $1.43 billion, an 11% increase year over year, and record GAAP and non-GAAP operating margins. The company's service revenue saw a significant increase of 20% compared to the previous year, while product revenue decreased by 4.4%. Fortinet also raised its 2024 revenue and non-GAAP operating margin guidance, continuing its investment in the Unified SASE and Security Operations markets. The company's CEO, Ken Xie, highlighted Fortinet's balance of growth and profitability and its strategy to gain market share in Secure Networking and emerge as a SASE leader.
On August 6, 2024, Fortinet, Inc. released an amended Current Report on Form 8-K/A to correct a clerical error in its previously furnished financial guidance for Q3 and the full fiscal year of 2024. The updated guidance for diluted non-GAAP net income per share is now expected to be between $0.50 to $0.52 for Q3 and $2.00 to $2.04 for the fiscal year. This amendment does not affect any other parts of the original report or the financial results for the second quarter ended June 30, 2024, which showed a total revenue of $1.43 billion, an 11% increase year over year, and record GAAP and non-GAAP operating margins. The company's service revenue saw a significant increase of 20% compared to the previous year, while product revenue decreased by 4.4%. Fortinet also raised its 2024 revenue and non-GAAP operating margin guidance, continuing its investment in the Unified SASE and Security Operations markets. The company's CEO, Ken Xie, highlighted Fortinet's balance of growth and profitability and its strategy to gain market share in Secure Networking and emerge as a SASE leader.

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