On November 7, 2024, Fortinet, Inc., a global leader in cybersecurity, reported its financial results for the third quarter ending September 30, 2024. The company announced a 13% year-over-year increase in total revenue, reaching $1.51 billion, with service revenue growing by 19%. Product revenue also saw a rise of 1.7%. Fortinet's billings grew by 6.1%, and deferred revenue increased by 13.7%. The company achieved a record GAAP operating margin of 31.2% and a non-GAAP operating margin of 36.1%. Cash flow from operations was reported at $608 million, with free cash flow at $572 million. Fortinet also raised its 2024 revenue and non-GAAP operating margin guidance and announced a $1 billion increase in its share repurchase authorization, with a remaining authorization of $2 billion. Ken Xie, Founder, Chairman, and CEO, attributed the strong...Show More

On November 7, 2024, Fortinet, Inc., a global leader in cybersecurity, reported its financial results for the third quarter ending September 30, 2024. The company announced a 13% year-over-year increase in total revenue, reaching $1.51 billion, with service revenue growing by 19%. Product revenue also saw a rise of 1.7%. Fortinet's billings grew by 6.1%, and deferred revenue increased by 13.7%. The company achieved a record GAAP operating margin of 31.2% and a non-GAAP operating margin of 36.1%. Cash flow from operations was reported at $608 million, with free cash flow at $572 million. Fortinet also raised its 2024 revenue and non-GAAP operating margin guidance and announced a $1 billion increase in its share repurchase authorization, with a remaining authorization of $2 billion. Ken Xie, Founder, Chairman, and CEO, attributed the strong performance to investments in Unified SASE and Security Operations, which led to market share gains in Secure Networking. The company's forward-looking statements include expectations for Q4 2024, with revenue projected between $1.560 billion and $1.620 billion, and billings between $1.900 billion and $2.000 billion. Non-GAAP operating margin is expected to be between 33.0% and 34.0%, with diluted non-GAAP net income per share estimated between $0.58 and $0.62. For the fiscal year 2024, revenue is anticipated to be in the range of $5.856 billion to $5.916 billion, with service revenue between $4.015 billion and $4.045 billion, and billings between $6.430 billion and $6.530 billion. The company plans to participate in several investor conferences throughout Q4 2024.