TECH - Cybersecurity Firm Fortinet Q1 Earnings: Product Revenue Falls Billings Fall Robust Outlook | Benzinga
Fortinet, Inc. (NASDAQ:FTNT) reported its first-quarter financial results after the bell on Thursday. Here are the highlights.
Fortinet reported quarterly earnings of 43 cents per share, which beat the analyst consensus estimate of 38 cents.
The quarterly revenue grew 6.97% year over year to $1.35 billion, beating the analyst consensus estimate of $1.338 billion.
Product revenue fell 18.3% year over year to $408.9 million, while Service revenue grew 24% to $944.4 million.
Total billings were $1.41 billion for the first quarter, a decrease of 6.4% compared to $1.50 billion for the same quarter of 2023.
"We are diligently executing on our ...