Fortinet Q2 revenue up 26% to $1.29B; GAAP EPS $0.33 beats; raises buyback authorization by $1.5B

Fortinet, Inc.

2023-Q2 EPS reported $0.65 revenue$2,555,100,000

Total revenue $1.29B (+26% YoY); product rev $472.6M (+18%), service rev $820.2M (+30%).
GAAP EPS $0.33 vs $0.21 YoY (+57%); non-GAAP EPS $0.38 vs $0.24 YoY (+58%).
Board added $1.5B to stock buyback; total authorization $6.75B through Feb 2024; $2.03B remaining.
Q3 2023 guidance: revenue $1.315-1.375B, non-GAAP EPS $0.35-0.37; FY 2023 rev $5.35-5.45B, EPS $1.49-1.53.
Cash from ops $515.1M; free cash flow $438.3M; deferred revenue $5.13B (+30% YoY).

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Fortinet, Inc. reported the second quarter ended June 30, 2023 results: revenue $1.29 billion, net income $266.3 million, EPS $0.33. Guidance initiated.

Period: the second quarter ended June 30, 2023
Revenue: $1.29 billion
Net income: $266.3 million
EPS: $0.33
Guidance: initiated
Result: reported results

Exact text from the filing

Results Second Quarter 2023 Highlights • Product revenue of $472.6 million, up 18% year over year • Service revenue of $820.2 million, up 30% year over year • Total revenue of $1.29 billion, up 26% year over year • Billings of $1.54 billion, up 18% year over year 1 • Deferred revenue of $5.13 billion, up 30% year over year • GAAP operating income of $279.0 million,

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Source: SEC EDGAR

accession 0001262039-23-000027

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