Fortinet ( (FTNT) ) has released its Q3 earnings. Here is a breakdown of the information Fortinet presented to its investors.
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Fortinet, a leader in cybersecurity and networking convergence, reported notable financial results for the third quarter of 2024. The company specializes in delivering integrated cybersecurity solutions across a wide range of industries.
The company reported a strong financial performance in the third quarter of 2024, with total revenue increasing by 13% year over year to $1.51 billion. Service revenue saw a significant rise, increasing by 19%, while billings and product revenue also returned to growth. Fortinet achieved record operating margins, with GAAP and non-GAAP margins reaching 31.2% and 36.1%, respectively.
Key financial metrics highlight Fortinet’s strong quarter, including a substantial increase in both GAAP and non-GAAP net income, which rose to $539.9 million and $487.6 million, respectively. The company also reported impressive cash flow from operations at $608 million, alongside a free cash flow of $572 million. Additionally, Fortinet’s board authorized a $1 billion increase in share repurchase, underscoring confidence in its financial health.
Fortinet’s strategic focus on Unified SASE and Security Operations has paid off, contributing to strong billings growth. The company’s investments in these fast-growing sectors have enabled it to capture more market share in secure networking, positioning it for sustained growth.
Looking ahead, Fortinet has raised its revenue and operating margin guidance for 2024, reflecting continued optimism about its growth trajectory. The company remains committed to leveraging its expertise in cybersecurity and networking, with expectations of further market share gains and innovation in its core growth areas.
