Cybersecurity outfit Fortinet said it saw a 32 per cent growth in total revenues in the first quarter.
Revenues hit $1.26 billion, while product revenue reached $500.7 million, which is an increase of 35 per cent compared to $371 million 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.
Fortinet also reported a GAAP operating income of $273.5 million, up 81 per cent year over year.
Fortinet CEO Ken Xie said the company was gaining market share while being a leading product revenue company in the cybersecurity industry.
“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.”
Fortinet predicted revenues in the second quarter will be between $1.280-$1.320 billion. For the 2023 fiscal year, Fortinet claimed revenue would be in the range of $5.425-$5.485 billion.
