Cybersecurity company Fortinet Korea announced on the 10th at its headquarters that it had announced its total sales for 2024, which ends on December 31, 2024, and its financial performance for the fourth quarter.

Fortinet announced that it would report total revenue of $5.96 billion in 2024, up 12.3% from $5.3 billion in the previous year, and would record operating income of $1.8 billion with a GAAP operating margin of 30.3%.

GAAP net income was $1.75 billion, up from $1.15 billion in the prior year. GAAP diluted earnings per share was $2.26 (based on 771.9 million diluted weighted-average shares outstanding), up from $1.46 (based on 788.2 million diluted weighted-average shares outstanding) in the prior year.

The company's main revenue comes from service revenue, with total service revenue reaching $4.05 billion and product revenue reaching $1.91 billion in 2024. As of December 31, 2024, remaining contract value (RPO) was $6.42 billion, an 11.7% increase from $5.75 billion in the previous year.

Looking at the quarterly performance, the performance for the fourth quarter of 2024 was as follows: △Total sales of USD 1.66 billion, △Operating profit of USD 574.1 million (GAAP basis), and △Net profit of USD 571.5 million (GAAP basis).

“For the fourth quarter of 2024, our non-GAAP operating margin was 39%, up 720 basis points year-over-year, while revenue increased 17%, successfully balancing growth and profitability,” said Ken Xie, Fortinet’s founder and CEO.

Additionally, “FortiNet will continue to pursue a strategy of investing in the high-growth integrated SASE and security operations markets, while further strengthening its position in the secure networking space,” he explained, adding, “Customers are increasingly recognizing the benefits of a single-vendor approach to SASE.”

Fortinet is the only company to develop all SASE capabilities based on a single operating system, “FortiOS,” which seamlessly integrates networking and security functions, and CEO Ken Gee said, “I am confident that Fortinet will emerge as a leader in this space.”