Fortinet Q1 revenue up 7% to $1.35 billion; net income rises to $299.3 million
Fortinet reported first-quarter 2024 results for the period ended March 31, 2024, with total revenue of $1.35 billion, up 7.2% from a year earlier, and GAAP net income of $299.3 million, up from $247.7 million. The company also issued second-quarter and full-year 2024 revenue and non-GAAP earnings per share guidance, which shareholders can use to compare future results.
Key points
- Total revenue was $1.35 billion, up 7.2% from $1.26 billion; service revenue rose 24.0% to $944.4 million while product revenue fell 18.3% to $408.9 million.
- GAAP diluted net income per share was $0.39 versus $0.31; non-GAAP diluted net income per share was $0.43 versus $0.34.
- Total billings fell 6.4% to $1.41 billion, and free cash flow was $608.5 million versus $647.2 million a year earlier.
- Second-quarter 2024 revenue guidance is $1.375 billion to $1.435 billion; full-year 2024 revenue guidance is $5.745 billion to $5.845 billion.
The filing
Written by AI on Nov 8, 2026, 1:21 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 02, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.