From Nasdaq: 2024-11-08 11:58:00

Fortinet Inc. (FTNT) reported strong Q3 2024 results, with earnings per share of 63 cents beating estimates by 23.53% and revenues of $1.51 billion surpassing expectations by 2.1%. Total billings rose to $1.58 billion, driven by growth in Security Operations and Unified SASE.

Product revenues returned to growth, increasing 2% year over year to $474 million, while service revenues grew 19% to $1.034 billion. Unified SASE billings were 23% of business, with robust growth in Security Service Edge.

Fortinet’s total gross margin reached a record 83.2%, benefiting from higher product and services margins. Non-GAAP operating income was $544.7 million, with a margin of 36.1%, up from 27.8% in Q3 2023.

Fortinet expects Q4 revenues of $1.56-$1.62 billion and non-GAAP EPS of 58-62 cents. For fiscal 2024, revenues are projected to be $5.856-$5.916 billion, with non-GAAP EPS between $2.2 and $2.28. The company maintains a Zacks Rank #2 (Buy).

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Read more at Nasdaq: Fortinet Q3 Earnings Surpass Estimates, Sales Increase Y/Y