{"id":51164,"date":"2024-08-19T11:05:24","date_gmt":"2024-08-19T08:05:24","guid":{"rendered":"https:\/\/saudishopper.com.sa\/en\/?p=51164"},"modified":"2026-03-28T06:22:29","modified_gmt":"2026-03-28T03:22:29","slug":"fortinet-reports-second-quarter-2024-financial-results","status":"publish","type":"post","link":"https:\/\/saudishopper.com.sa\/en\/fortinet-reports-second-quarter-2024-financial-results\/","title":{"rendered":"Fortinet Reports Second Quarter 2024 Financial Results"},"content":{"rendered":"\n<ul class=\"wp-block-list\">\n<li>Record quarterly GAAP and Non-GAAP operating margins<\/li>\n\n\n\n<li>Raises 2024 revenue and Non-GAAP operating margin guidance<\/li>\n\n\n\n<li>Continuing to invest in the fast-growing Unified SASE and Security Operations markets<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Second Quarter 2024 Highlights<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>Total revenue of $1.43 billion, up 11% year over year<\/em><\/li>\n\n\n\n<li><em>Service revenue of $982 million, up 20% year over year<\/em><\/li>\n\n\n\n<li><em>Record GAAP operating margin of 30.5%<\/em><\/li>\n\n\n\n<li><em>Record Non-GAAP operating margin of 35.1%<sup>1<\/sup><\/em><\/li>\n\n\n\n<li><em>Cash flow from operations of $342 million<\/em><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Riyadh:&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fortinet\u00ae (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, has announced financial results for the second quarter ended June&nbsp;30, 2024.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/08\/Ken-Xie-Founder-Chairman-and-Chief-Executive-Officer-of-Fortinet_ssict_960_1280.webp\"><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"1024\" src=\"https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/08\/Ken-Xie-Founder-Chairman-and-Chief-Executive-Officer-of-Fortinet_ssict_960_1280-768x1024.webp\" alt=\"Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet_ssict_960_1280\" class=\"wp-image-51165\" srcset=\"https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/08\/Ken-Xie-Founder-Chairman-and-Chief-Executive-Officer-of-Fortinet_ssict_960_1280-768x1024.webp 768w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/08\/Ken-Xie-Founder-Chairman-and-Chief-Executive-Officer-of-Fortinet_ssict_960_1280-225x300.webp 225w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2024\/08\/Ken-Xie-Founder-Chairman-and-Chief-Executive-Officer-of-Fortinet_ssict_960_1280.webp 960w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIn the second quarter, we successfully balanced growth and profitability as our non-GAAP operating margin increased 820 basis points year-over-year to a company record of 35.1%<em><sup>1<\/sup><\/em>, while billings and revenue were at the high end of their respective guidance ranges,\u201d said Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet. \u201cWe are continuing to execute our strategy to invest in the fast-growing Unified SASE and Security Operations markets, while gaining market share in Secure Networking. We expect to emerge as a SASE leader, as we are the only vendor in the Gartner Magic Quadrant\u2122 for Single-Vendor SASE that is also recognized in five different network security Magic Quadrant\u2122 reports.<sup>2<\/sup>\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><u>Financial Highlights for the Second Quarter of 2024<\/u><\/strong><strong><\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Revenue:<\/strong>\u00a0Total revenue was\u00a0$1.43 billion for the second quarter of 2024, an increase of 10.9%\u00a0compared to\u00a0$1.29 billion\u00a0for the same quarter of 2023.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Product Revenue:<\/strong>\u00a0Product revenue was\u00a0$451.9 million for the second quarter of 2024, a decrease of 4.4%compared to\u00a0$472.6 million\u00a0for the same quarter of 2023.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Service Revenue:<\/strong>\u00a0Service revenue was\u00a0$982.4 million for the second quarter of 2024, an increase of 19.8%compared to\u00a0$820.2 million\u00a0for the same quarter of 2023.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Billings<sup>1<\/sup>:\u00a0<\/strong>Total billings were\u00a0$1.54 billion for the second quarter of 2024, remaining flat\u00a0compared to\u00a0$1.54 billion\u00a0for the same quarter of 2023.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Deferred Revenue:<\/strong>\u00a0Total deferred revenue was\u00a0$5.90 billion as of June\u00a030, 2024, an increase of 15.0%compared to\u00a0$5.13 billion\u00a0as of\u00a0June\u00a030, 2023.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>GAAP Operating Income and Margin:<\/strong>\u00a0GAAP operating income was\u00a0$437.2 million for the second quarter of 2024, representing a GAAP operating margin of 30.5%. GAAP operating income was\u00a0$279.0 million for the same quarter of 2023, representing a GAAP operating margin of 21.6%.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Non-GAAP<sup>\u00a0<\/sup>Operating Income<sup>\u00a0<\/sup>and Margin<sup>1<\/sup>:<\/strong>\u00a0Non-GAAP operating income was\u00a0$503.6 million for the second quarter of 2024, representing a non-GAAP operating margin of 35.1%. Non-GAAP operating income was\u00a0$348.1 million for the same quarter of 2023, representing a non-GAAP operating margin of 26.9%.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>GAAP Net Income and Diluted Net Income Per Share:<\/strong>\u00a0GAAP net income was\u00a0$379.8 million\u00a0for the second quarter of 2024, compared to GAAP net income of\u00a0$266.3 million\u00a0for the same quarter of 2023. GAAP diluted net income per share was\u00a0$0.49 for the second quarter of 2024, based on 769.9\u00a0million\u00a0diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of\u00a0$0.33 for the same quarter of 2023, based on 795.9\u00a0million\u00a0diluted weighted-average shares outstanding.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Non-GAAP<sup>\u00a0<\/sup>Net Income and Diluted Net Income Per Share<sup>1<\/sup>:\u00a0<\/strong>Non-GAAP net income was\u00a0$439.9 million\u00a0for the second quarter of 2024, compared to non-GAAP net income of\u00a0$300.4 million\u00a0for the same quarter of 2023. Non-GAAP diluted net income per share was\u00a0$0.57 for the second quarter of 2024, based on 769.9\u00a0milliondiluted weighted-average shares outstanding, compared to\u00a0$0.38 for the same quarter of 2023, based on 795.9\u00a0million\u00a0diluted weighted-average shares outstanding.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cash Flow:<\/strong>\u00a0Cash flow from operations was\u00a0$342.0 million\u00a0for the second quarter of 2024, compared to\u00a0$515.1 million\u00a0for the same quarter of 2023.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Free Cash Flow<sup>1<\/sup>:\u00a0<\/strong>Free cash flow was\u00a0$318.9 million\u00a0for the second quarter of 2024, compared to\u00a0$438.3 million\u00a0for the same quarter of 2023.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Second Quarter 2024 Highlights Riyadh:&nbsp; Fortinet\u00ae (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, has announced financial results for the second quarter ended June&nbsp;30, 2024. \u201cIn the second quarter, we successfully balanced growth and profitability as our non-GAAP operating margin increased 820 basis points year-over-year to a company record of [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":2474,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_meta-robots-noindex":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_pr_autopilot_social_copy":"","_yoast_wpseo_opengraph_title":"","_yoast_wpseo_opengraph_description":"","_yoast_wpseo_opengraph_image":"","_yoast_wpseo_opengraph_image_id":0,"_yoast_wpseo_twitter_title":"","_yoast_wpseo_twitter_description":"","_yoast_wpseo_twitter_image":"","_yoast_wpseo_twitter_image_id":0,"_yoast_wpseo_primary_category":19,"_extra_hide_author_box":"","_extra_featured_post":"","_partner_post_id":0,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-51164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fortinet Q2 2024 - Financial Results | Saudi Shopper<\/title>\n<meta name=\"description\" content=\"Fortinet Q2 2024 results: record GAAP and Non-GAAP margins, revenue growth, and raised 2024 guidance. 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