The Conversation (0)
- WORLD EDITIONAustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
Top Stocks
Top Resource Stocks
Top Tech Stocks
Top Life Science Stocks
Trending
Trending Articles
Trending Press Releases
Trending Companies
Purpose Bitcoin ETF
BTCC:CA
Silver47 Exploration
AGA:CC
Syntheia
SYAI:CC
Black Swan Graphene
SWAN:CC
Trending Reports
Resource
Popular Lists
Investing Ideas
Outlook Reports
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
Investing Guides
Tech
Popular Lists
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
Investing Ideas
Outlook Reports
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
Investing Guides
Life Science
Popular Lists
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
Outlook Reports
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Investing Guides
Fortinet Revenues Exceed Industry Average, Cloud Accelerates
Nov. 01, 2019 08:20AM PST
Cyber Security InvestingNet income and cash flow figures increased significantly over the quarter as Fortinet marks its tenth year as a publicly listed company.
Fortinet (NASDAQ:FTNT), cybersecurity firm announced a 21 percent revenue uptick for the third quarter as cloud, SD-WAN and its security fabric divisions drove growth. Free cash flow for the quarter came in at US$203.7 million while non-GAAP operating margin increased to 26 percent in Q3.
As quoted in the press release:
“Strong revenue growth for Fortinet Security Fabric, cloud and SD-WAN offerings contributed to our 21% year-over-year total revenue growth in the third quarter, which we believe is stronger than the average revenue growth rate in our industry. The Americas and EMEA regions led the way with revenue growth of 24% and 21%, respectively,” said Ken Xie, Founder, Chairman and Chief Executive Officer. “As we approach the tenth anniversary of Fortinet’s initial public offering on November 18, we are focused on driving better than industry average growth for at least the next decade.”
Financial Highlights for the Third Quarter of 2019
Revenue: Total revenue was $547.5 million for the third quarter of 2019, an increase of 21% compared to $453.9 million for the same quarter of 2018.
Product revenue was $197.1 million for the third quarter of 2019, an increase of 20% compared to $164.5 million for the same quarter of 2018.
Service revenue was $350.4 million for the third quarter of 2019, an increase of 21% compared to $289.4 million for the same quarter of 2018.
Billings1: Total billings were $626.6 million for the third quarter of 2019, an increase of 19% compared to $527.5 million for the same quarter of 2018.
Deferred Revenue: Total deferred revenue was $1.95 billion as of September 30, 2019, an increase of 26% compared to $1.54 billion as of September 30, 2018.
GAAP Operating Income and Margin: GAAP operating income was $100.0 million for the third quarter of 2019, representing a GAAP operating margin of 18%. GAAP operating income was $62.8 million for the same quarter of 2018, representing a GAAP operating margin of 14%.
Click here to read the full press release.
Latest News
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.