Fortinet's total revenue in Q3 up 21% year-over-year
Published2019.11.08 09:03On the 8th, Fortinet announced its financial results for the third quarter of 2019, up 21% from the same period last year. Fortinet's total revenue for the third quarter of 2019 was $547.5 million, compared to $453.9 million in the third quarter of last year.
Product revenue in the third quarter was $197.1 million, up 20% from $164.5 million in the same period last year, and service revenue in the third quarter was $350.4 million, up 21% from $289.4 million in the same period last year.
Total orders received in the third quarter of 2019 amounted to $626.6 million, a 19% increase from $527.5 million during the same period last year. Total deferred revenue as of September 30, 2019, was $1.95 billion, a 26% increase from the total deferred revenue of $1.54 billion as of September 30, 2018.
The GAAP operating margin for the third quarter was 18%, with an operating profit of $100 million. In the same period last year, the GAAP operating margin was 14%, with an operating profit of $62.8 million. The non-GAAP operating margin for the third quarter was 26%, with an operating profit of $144.6 million. The non-GAAP operating margin for the same period last year was 24%, and the operating profit was $108.5 million.
Net income under generally accepted accounting principles (GAAP) for the third quarter of 2019 was $79.8 million, up from $58.7 million in the same period of the previous year. GAAP diluted earnings per share for the third quarter of 2019 were $0.46 (based on a diluted weighted average of 174.8 million out-of-shares), compared to $0.33 (based on a diluted weighted average of 175.7 million out-of-shares) in the same period of the previous year.
Non-GAAP net income for the third quarter was $116.9 million, up from $86.7 million in the same period last year. Non-GAAP diluted earnings per share for the third quarter of 2019 were $0.67 (based on a diluted weighted average of 174.8 million out-of-shares), up from $0.49 (based on a diluted weighted average of 175.7 million out-of-shares) in the same period last year.
In the third quarter of 2019, cash flow from operating activities was $221.2 million, up from $176.7 million in the same period last year. Free cash flow in the third quarter of 2019 was $203.7 million, up from $158.5 million in the same period last year.
"Fortinet's revenue growth rate in the third quarter was higher than the industry average," said Ken Xie, founder and CEO of Fortinet. "November 18 marks the 10th anniversary of Fortinet's initial public offering (IPO), and we will focus on achieving growth higher than the industry average over the next 10 years."
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