Fortinet Inc.
Fortinet Reports Third Quarter 2024 Financial Results and Raises Guidance
Summary
Fortinet, Inc. announced its financial results for the third quarter of 2024, showing total revenue of $1.51 billion, a 13% increase year-over-year. Service revenue grew by 19.1%, and the company reported a record GAAP operating margin of 31.2% and a non-GAAP operating margin of 36.1%. Fortinet also raised its 2024 revenue and non-GAAP operating margin guidance, and its board of directors authorized a $1 billion increase in the share repurchase program, leaving approximately $2 billion remaining for future repurchases.
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About Fortinet Inc.
Fortinet Inc. is a global leader in cybersecurity solutions, primarily focused on developing robust security systems to protect against cyber threats. The company's extensive product line includes firewalls, antivirus, intrusion prevention systems, and endpoint security, designed to provide comprehensive protection for networks, cloud infrastructures, and critical applications. Fortinet serves a vast array of clients across different sectors, including enterprises, service providers, and government organizations, addressing their evolving security needs in an increasingly digitized and interconnected business environment. Founded in 2000 and headquartered in Sunnyvale, California, Fortinet's commitment to innovation is evident through its investment in advanced technologies like artificial intelligence and machine learning, enhancing the efficiency and responsiveness of its security solutions. The company’s significant role in the market is underscored by its FortiGuard Labs, delivering real-time intelligence and proactive threat detection to a global clientele. As a pivotal player in the cybersecurity industry, Fortinet helps drive digital transformation while ensuring digital integrity, maintaining a critical stance in safeguarding sensitive data and maintaining secure digital operations across the world.
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