Fortinet reported Q1 2020 total revenue of $576.9 million, an increase of 22.1% compared to $472.6 million for the same quarter of 2019. GAAP net income was $104.0 million for the first quarter of 2020, including $28.3 million from gain on intellectual property matter, net of tax, compared to GAAP net income of $58.8 million for the same quarter of 2019. Non-GAAP net income was $104.4 million for the first quarter of 2020, compared to non-GAAP net income of $80.8 million for the same quarter of 2019.
“Our strong first quarter performance is the result of strategic internal investments we made to deliver industry-leading products and services, expand into adjacent addressable markets, grow our global sales force and invest in the channel,” said Ken Xie, Founder, Chairman and Chief Executive Officer. “Fortinet is an important strategic partner to our customers. Our proprietary FortiASIC security processing unit (SPU) can deliver 10 times the VPN throughput capacity of comparable competitor solutions to support teleworkers. This significant competitive advantage is one reason we believe we will continue to gain market share during a period of tougher economic conditions. We believe our industry-validated teleworker and secure SD-WAN offerings, along with our SPU-driven FortiGates, Security Fabric platform and hybrid- and multi-cloud offerings, provide companies with more cost-effective solutions across their entire digital infrastructure.”
Some highlights:
- 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.
- Service revenue was $384.6 million for the first quarter of 2020, an increase of 24.1% compared to $309.9 million for the same quarter of 2019.
