Fortinet Reports Fourth Quarter and Full Year 2020 Financial Results. The revenue of nearly all major, publicly traded cyber-security vendors increased year-on-year in 1Q 2020. Fortinet Reports Fourth Quarter and Full Year 2020 Financial Results SUNNYVALE, Calif. - Feb 4, 2021 Fourth Quarter 2020 Highlights Total revenue of $748.0 million, up 21% year over year Product revenue of $288.4 million, up 21% year over year Service revenue of $459.6 million, up 21% year over year Zacks Rank & Stock to Consider Fortinet currently has a Zacks Rank #3 (Hold). Fourth Quarter 2020 Highlights. 2020 and July 22, 2020. In fact, Fortinet saw revenue growth across the board in Q3, with product revenues up 14% and services revenues up 22% year over year. Powered by FortiOS, the Fabric is the industry's highest-performing integrated cybersecurity mesh platform with the broadest open ecosystem for all cybersecurity mesh . Total revenue of $963.6 million, up 29% year over year. However, much of Palo Alto Networks' revenue growth in 2019 and 2020 was inorganic. Financial Highlights for the First Quarter of 2020 Revenue: Total revenue was $576.9 million for the first quarter of 2020, an increase of 22.1% compared to $472.6 million for the same quarter of. Fortinet has since released a number of useful . Product revenue increased 18% last qtr with strong demand for FortiGate appliances. 3.3.2 Fortinet Cybersecurity AI Business Distribution by Region. In February 2020, Fortinet released FortiAI, a threat-detection program that uses artificial intelligence. The . By . Of the four vendors analysed in this article, Fortinet was arguably the star performer in 2020. Fortinet Reports Third Quarter 2020 Financial Results. FORTINET, INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME1(Unaudited, in millions, except per share amounts) Three Months Ended Year Ended December 31,2020 December 31,2019 December 31,2020 December 31,2019REVENUE: Product$288.4 $238.8 $916.4 $788.5 Service459.6 379.3 1,678.0 1,374.5 Total revenue748.0 618.1 2,594.4 2,163.0 COST OF REVENUE . Fortinet earnings included fourth-quarter 2019 revenue of $614.4 million, up 19% from last year and 21% sequentially. Fortinet beat estimated earnings by 6.96%, reporting an EPS of $1.23 versus an estimate of $1.15, which did not surprise analysts. Fortinet has over 8,200 employees in offices throughout the world. Fortinet Q320 Earnings Announcement Presentation. Fortinet, which belongs to the Zacks Security industry, posted revenues of $576.90 million for the quarter ended March 2020, surpassing the Zacks Consensus Estimate by 3.53%. AWS revenue increased 40 percent to $17.78 billion for the three months that ended Dec. 31, 2021, compared to the same period of 2020, when AWS had its strongest quarter-over-quarter growth since . Table 68. Fortinet was also named the fastest growing SD-WAN vendor by Omdia, which noted 247% year-over-year growth in Fortinet's SD-WAN revenue from 1Q19 to 1Q20. . (2015-2020) Figure 42. Cybersecurity firm Fortinet beat Wall Street estimates on Thursday, reporting a strong fourth quarter growth and a 2021 revenue 28.8% higher than 2020. Earnings for the quarter were 76 cents a share, up 22% from a year earlier. Revenue was up $215.60 million from the same period last year . Total service revenue in the range of $2.015 billion $2.045 billion, which represents growth of approximately 21% and implies product revenue growth of approximately 11% and $1 billion in product. • GAAP operating margin of 22.6%, up 280 basis points year over year. Through the first nine months of the company's current fiscal year, revenue is up 65% to $19.3 billion, and free cash flow is up 85% to $5.37 billion, helping the stock more than double in year . fortinet reports fourth quarter and full year 2020 financial results fourth quarter 2020 highlights o total revenue of $748.0 million, up 21% year over year o product revenue of $288.4 million, up. Fortinet Q420 Earnings Announcement. We also delivered 51% of our revenue from software and services in fiscal 2020, exceeding our target of 50%. The focus of the summit is 'You'. Fortinet Reports Third Quarter 2020 Financial Results Third Quarter 2020 Highlights • Total revenue of $651.1 million, up 19% year over year • Product revenue of $223.8 million, up 14% year over year • Service revenue of $427.3 million, up 22% year over year • Billings of $749.8 million, up 20% year over year1 Fortinet is the fastest-growing SD-WAN provider in market share by revenue. Published October 1, 2020 1:59pm . The net income as per the annual report was 488.5M which increased by $156.80M (47%) compared to previous year. Adel Elnaggar, Sr Regional Director - Fortinet, thanked the partners as well and shared some insights about the expected business growth in 2020. 3.3 Fortinet Cybersecurity AI Business Introduction. Fortinet Q320 Earnings Announcement. Fortinet was founded in 2000 by brothers Ken Xie and Michael Xie. Fortinet reported product revenue of $211.9 million, up 12% from a year ago, while services revenue came to $403.6 million, up 22%. Today's Agenda • 2 Overview and Introductions SD-WAN Landscape Secure SD-WAN Differentiators . Fortinet outpaces Wall Street estimates, brings in $867 million revenue for Q3. In fiscal 2018, Fortinet reported full-year revenue of $1.8 billion. Service revenue of $584.7 million, up 27% year over year. Fortinet. Summary Fortinet's current market capitalization is $58.8 b. Length: 129 pages, Tables & Figures: 141, Product: Transparent Caching, Product-Type: Live streaming videos, Static videos, online games, software updates, large file downloads, Application: ISPs, Telecom operators, Direct-to . For the fourth quarter of 2020, Fortinet currently expects: Revenue in the range of $710 million to $730 million Billings in the range of $890 million to $920 million Non-GAAP gross margin in the range of 78.0% to 80.0% Non-GAAP operating margin in the range of 27.0% to 29.0% Our OPAQ Networks acquisition means Fortinet will have one of the most comprehensive SASE platforms." Financial Highlights for the Second Quarter of 2020 Revenue: Total revenue was $615.5 million. Welcome to our 2020 Acceleration Summit! After the battering they received in 2020, retailers' sales recovered with soft goods (+ 56.8%) and department stores (+ 52.1%) doing particularly well. , Sep 13, 2021. Quicker Sales and Quicker Path to Revenue with GTT and Fortinet Secure SD-WAN . New SD-WAN opportunities must be qualified by GTT and presented to the customer between April 22, 2020 and July 22, 2020 and customer signed . Fortinet Reports Fourth Quarter and Full Year 2020 Financial Results Fourth Quarter 2020 Highlights Total revenue of $748.0 million, up 21% year over year Product revenue of $288.4 million, up 21% year over year Service revenue of $459.6 million, up 21% year over year Billings of $960.9 million, up 20% year over year1 Second Quarter 2020 Highlights Total revenue of $615.5 million , up 18% year over year Product revenue of $211.9 million , up 12% year over year Billings of $711.5 million , up 14% year over year 1 Deferred revenue of $2.32 billion , up 24% year over year GAAP operating margin of 19.0%, up 460 Product Revenue: Product revenue was $1.26 billion for 2021, an increase of 36.9% compared to $916.4 million in 2020. Fortinet's revenue was reported to be $2.59 b in FY, 2020 which is a 20.3% increase from the previous period. FP CryptoDecoded: Experts discuss cryptocurrencies and the blockchain industry. Fortinet Inc - Total Revenue Was $963.6 Million For Q4 Of 2021, An Increase Of 28.8% Compared To $748.0 Million For Same Quarter Of 2020 Product Revenue: Product revenue was $192.3 million for the first quarter of 2020, an increase of 18.2% compared to $162.7 million for the same quarter of 2019. We expect a sharp rebound in sales in 2021 (up over 25%), which will put the company back on the growth trajectory, albeit shifted by a year, that it has enjoyed since 2017. The Fortinet Security Fabric continuously assesses the risks and automatically adjusts to provide comprehensive real-time protection across the digital attack surface and cycle. Product revenue is 1/3rd of company revenue and includes ForiGate and non-Fortigate hardware appliances. Fortinet has again been named the fastest growing SD-WAN vendor in the latest Omdia report (" Omdia Market Share : Data Center Network Equipment Q1 2020 "). Source: FactSet Players stakeholders and other participants in the global Transparent Caching market will be able to gain the upper hand as they use the report as a powerful resource. Form 10-K. Q3. For the first quarter of 2020, Fortinet currently expects: Revenue in the range of $555 million to $565 million Billings in the range of $635 million to $655 million Non-GAAP gross margin in the range of 77.5% to 78.5% Non-GAAP operating margin in the range of 19.0% to 20.0% Billings of $1.31 billion, up 36% year over year1. Fortinet annual revenue for 2018 was $1.805B, a 20.72% increase from 2017. In the first quarter of 2020, Cisco accounted for 9.1 percent of the market share in the cybersecurity industry, while Palo Alto Networks and Fortinet accounted for 7.8 and 5.9 percent respectively. 3.3.1 Fortinet Cybersecurity AI Shipments, Price, Revenue and Gross profit 2015-2020. Get in touch with us now. Fortinet delivered fourth quarter revenue of. Fortinet Revenue Growth Rate in Enterprise Infrastructure VPN Business (2015-2020) Figure 43. The company later added wireless access points, sandbox . Q2 2020 Q2 2020 Q2 2020 Q2 2020 Non-GAAP Operating Margin: 27.3% Share Price Performance Share price performance through June 30, 2020. In July 2020, Fortinet launched multi-cloud SD-WAN. Fortinet's revenue . Fortinet annual revenue for 2020 was $2.594B, a 19.94% increase from 2019. Revenue: Total revenue was $3.34 billion for 2021, an increase of 28.8% compared to $2.59 billion in 2020. The company posted $2.59 billion in revenue in 2020. Fortinet's performance was also strong in 2020 - 20% year-on-year revenue growth, and most of it organic. Fortinet named leader in 2020 Gartner Magic Quadrant for WAN Edge Infrastructure. Founded in 2000 by Ken Xie and headquartered in Sunnyvale, California, Fortinet is known for their first flagship product, a firewall called FortiGate which is still available to organizations of all sizes and provides next-generation security. Integrated Report 2020 - Audited Financial Report Consolidated Statement of Profit or Loss Konica Minolta, Inc. and Subsidiaries For the fiscal years ended March 31, 2020 and 2019 Millions of yen Thousands of U.S. dollars Note 2020 2019 2020 Revenue ----- 5, 24 ¥ 996,101 ¥ 1,059,120 $ 9,152,816 The data presented here draws upon Analysys Mason's Cyber-security vendors' revenue tracker. The report notes 247% year-over . As of 2021, Fortinet has been awarded over 1200 patents. Fourth Quarter 2021 Highlights Total revenue of $963.6 million, up 29% year over year Product revenue of $378.9 million, up 31% year over year Service revenue of $584.7 million, up 27% year over year Billings of $1.31 billion, up 36% year over year1 Bookings of $1.43 billion, up 49% year over year2 GAAP operating margin […] By JON VIKTOR D. CABUENAS, GMA News . Billings in the range of $2.55 billion to $2.65 billion, up from $2.15 billion in 2018. More importantly, Mantrac Distribution's teams successfully increased the number of Fortinet partners by 18% compared to year 2018. The company's first and main product was FortiGate, a physical firewall. Palo Alto Networks ($23 billion market cap, $2.9 billion revenue) is a cybersecurity company best known for its firewalls, which are network security devices that scan for malicious traffic. Fortinet is an American multinational corporation headquartered in Sunnyvale, California.It develops and sells cybersecurity solutions, such as physical firewalls, antivirus software, intrusion prevention systems and endpoint security components.. Fortinet was founded in 2000 by brothers Ken Xie and Michael Xie. A Fortinet spokesperson couldn't be reached for comment about the purpose . Pulse Secure Company Details . 3.3.4 Fortinet Cybersecurity AI Business Overview. Revenue by Region FortiGate Billings by Segment Q1 2020 Financial Spotlight: Strong total revenue growth of 22% Y/Y, driven by a 24% Y/Y increase in service revenue Q1 2020 Q1 2020 Q1 2020 Q1 2020 Non-GAAP Operating Margin: 22.3% Founded: Nov. 2000 First Product Release: May 2002 Fortinet IPO: Nov. 2009 NASDAQ: FTNT Headquarters: Sunnyvale . 5. This compares to year . • Total revenue of $748.0 million, up 21% year over year. FortiGate is the main hardware application (or virtual appliance) that runs on ForiOS and delivers a firewall, anti-malware, VPN and anti-spam functions. Fortinet, Inc. (NASDAQ:FTNT) Q3 2020 Earnings Conference Call October 29, 2020 04:30 PM ET Company Participants Peter Salkowski - Vice President of Investor Relations Ken Xie - Founder,. Do the numbers hold clues to what lies ahead for the stock? • Billings of $960.9 million, up 20% year over year 1. While Fortinet exceeded revenue expectations during the quarter . Annual revenue: $2.16 billion 5. Bookings of $1.43 billion, up 49% year over year2. We are honored to be named a Leader in the 2020 Gartner Magic Quadrant for WAN Edge Infrastructure. Fortinet annual revenue for 2019 was $2.163B, a 19.86% increase from 2018. Revenue: Total revenue was $710.3 million for the first quarter of 2021, an increase of 23.0% compared to $577.7 million for the same quarter of 2020. 1 This article explores the trends in the financial and operational metrics of the market-leading network security vendors (Check Point, Cisco, Fortinet and Palo Alto Networks). Fortinet Reports Fourth Quarter and Full Year 2021 Financial Results . If Fortinet's predictions hold true, Q4 2020 revenues . Fortinet Reports Fourth Quarter and Full Year 2021 Financial Results . The operating income in 2020 increased by $140.60M (40%). Subscription Gross Margin: GAAP subscription gross margin was 75%, compared to 70% in the fourth quarter of fiscal 2019. That year, BT Security selected Fortinet and other Threat Alliance members as Critical Partners. Fortinet Q420 Earnings Announcement Presentation. According to Gartner, worldwide SD-WAN equipment market data for the first quarter of 2020, Fortinet has the highest revenue growth and was the top 3 for market share. REVENUE by Region FortiGate Billings by Segment GAINING SHARE IN A GROWING MARKET Fortinet is a major player in many segments of the fast-growing Network Security and WLAN markets. Fortinet posted robust second-quarter 2020 earnings Thursday after shrugging off an uncertain market fueled by the ongoing pandemic. . Fourth Quarter 2020 Highlights. For the full year 2019, total revenue of $2.16 billion was up 20% from 2018. 3.3.5 Fortinet Cybersecurity AI Product Specification 30% of our revenue to come from software, and while we achieved 29% in fiscal 2020, we did achieve 31% in the fourth quarter.
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