Fortinet, Inc.: Fortinet Reports First Quarter 2021 Financial Results
Product revenue of $240.7 million, up 25% year over year
Service revenue of $469.6 million, up 22% year over year
Billings of $850.6 million, up 27% year over year
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GAAP operating margin of 17.1%, down 310 basis points year over year
Non-GAAP operating margin of 24.5%, up 210 basis points year over year
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Non-GAAP diluted net income per share of $0.81
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Free cash flow of $263.8 million
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SUNNYVALE, Calif., April 29, 2021 (GLOBE NEWSWIRE) -- Fortinet (Nasdaq: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, today announced financial results for the first quarter ended March 31, 2021.
"We delivered strong revenue and billings growth in the first quarter while investing to increase market share across our existing businesses and drive growth in newer product areas such as 5G, SASE, and SD-WAN," said Ken Xie, Founder, Chairman, and Chief Executive Officer. "Fortinet's platform of on-premise and cloud security products is resonating with new and existing customers, confirmed by our highest quarterly product revenue growth in five years. With good visibility and strong business momentum, we are pleased to raise our full year guidance."