Fortinet, a leader in cybersecurity, reported a robust financial performance for the quarter ended September 30, 2024. The company's total revenue reached $1.51 billion, marking a 13% increase compared to the same period last year. This growth was primarily driven by a 19% increase in service revenue, which amounted to $1.03 billion. Operating income saw a significant rise of 55% to $470.9 million, with operating margin expanding to 31.2%. The company's financial health was further evidenced by a strong cash position, with cash, cash equivalents, and investments totaling $3.70 billion. Deferred revenue also grew, reaching $6.01 billion, indicative of future revenue potential. Geographically, revenue was well-diversified, with the Americas, EMEA, and APAC regions contributing to the overall increase. Fortinet's recent acquisition of Lacework, a cloud security company...Show More

Fortinet, a leader in cybersecurity, reported a robust financial performance for the quarter ended September 30, 2024. The company's total revenue reached $1.51 billion, marking a 13% increase compared to the same period last year. This growth was primarily driven by a 19% increase in service revenue, which amounted to $1.03 billion. Operating income saw a significant rise of 55% to $470.9 million, with operating margin expanding to 31.2%. The company's financial health was further evidenced by a strong cash position, with cash, cash equivalents, and investments totaling $3.70 billion. Deferred revenue also grew, reaching $6.01 billion, indicative of future revenue potential. Geographically, revenue was well-diversified, with the Americas, EMEA, and APAC regions contributing to the overall increase. Fortinet's recent acquisition of Lacework, a cloud security company, and Next DLP, an insider risk and DLP company, contributed $13.8 million to the quarter's revenue. Looking ahead, Fortinet remains focused on growth opportunities in unified SASE and SecOps offerings, despite anticipating a slowdown in deferred revenue growth rates. The company's strategic acquisitions and increased investment in research and development, sales, and marketing are poised to support its future growth and market share gains.