The company said total revenue for Q2 2024 rose 10.9% year over year to $1.43 billion, and service revenue grew 19.8% to $982.4 million. Product revenue fell 4.4% to $451.9 million.

1. 01

   The company said total revenue for Q2 2024 rose 10.9% year over year to $1.43 billion, and service revenue grew 19.8% to $982.4 million. Product revenue fell 4.4% to $451.9 million.

2. 02

   Fortinet reported GAAP operating income of $437.2 million for Q2, a GAAP operating margin of 30.5% (versus 21.6% a year earlier). It also reported non-GAAP operating income of $503.6 million, a non-GAAP operating margin of 35.1% (versus 26.9% a year earlier).

3. 03

   The company said operating cash flow for Q2 was $342.0 million (versus $515.1 million a year earlier) and free cash flow was $318.9 million (versus $438.3 million a year earlier). It said total billings were $1.54 billion, flat with the same period a year earlier.

4. 04

   The company said it expects revenue for Q3 2024 of $1.445 billion to $1.505 billion and full-year revenue of $5.800 billion to $5.900 billion. It gave a full-year non-GAAP operating margin range of 30.0% to 31.5% and a full-year non-GAAP diluted net income per share range of $2.13 to $2.19.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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