Fortinet Q1 results: cybersecurity vendor continues year-on-year growth

The results reveal total revenue for the first quarter were up 32 per cent on 2022, reaching $1.26bn

Cybersecurity vendor Fortinet released today its Q1 2023 results reporting a 32 per cent growth in total revenues, which hit $1.26bn, as well as "strong growth in both product and service revenue".

Product revenue reached $500.7m, which is an increase of 35 per cent compared to $371.0m for the same quarter of 2022.

Service revenue was $761.6 million for the first quarter of 2023, an increase of 30.5 per cent compared to $583.8 million for the same quarter of 2022.

Among the highlights, Fortinet also reported a GAAP operating income of $273.5 million, up 81% year over year.

"We continue to gain market share while being a leading product revenue company in the cybersecurity industry," said Ken Xie, founder, chairman and CEO at Fortinet.

"Service revenue grew over 30 per cent for the first time in a quarter in six years. We believe we have a significant opportunity to continue to grow service revenue by upselling value-added security services to our large installed base of customers.

"Companies of all sizes are increasingly recognizing that Fortinet's integrated FortiOS and custom ASIC technology can deliver a lower total cost of ownership while improving the efficiency and efficacy of their security."

Forward looking

Fortinet also made predictions for the second quarter of 2023, claiming revenues will be in the range of $1.280bn to $1.320bn. For the 2023 fiscal year, Fortinet claimed revenue would be in the range of $5.425bn to $5.485bn.