The company said total revenue for the 3 months ended June 30, 2024 increased $141.5 million (11%) from the same period a year earlier. Product revenue fell $20.7 million (4%), while service revenue rose $162.2 million (20%).

1. 01

   The company said total revenue for the 3 months ended June 30, 2024 increased $141.5 million (11%) from the same period a year earlier. Product revenue fell $20.7 million (4%), while service revenue rose $162.2 million (20%).

2. 02

   Fortinet said operating income for the 3 months ended June 30, 2024 was $437.2 million, up 57% from $279.0 million a year earlier. Operating margin was 30.5%, compared with 21.6% in the same period last year.

3. 03

   The company said total gross margin for the 3 months ended June 30, 2024 rose 3.7 percentage points from the same period a year earlier. Product gross margin increased 2.6 percentage points, and service gross margin also increased 2.6 percentage points.

4. 04

   The company said operating cash flow for the 6 months ended June 30, 2024 was $1.17 billion. As of June 30, 2024, about $1.03 billion remained under the share repurchase program.

Key figures

Quarter ended June 30, 2024

Revenue

$1.4B

Operating income

$437M

Net income

$380M

EPS

$0.49

Gross profit

$1.2B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

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

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.