Summary by Moomoo AI
Fortinet, a global leader in cybersecurity solutions, reported a 20% increase in total revenue for the year ended December 31, 2023, reaching $5.30 billion compared to $4.42 billion in the previous year. Product revenue grew by 8%, while service revenue saw a significant 28% increase. The company's operating income also rose by 28% to $1.24 billion. Fortinet's cash, cash equivalents, investments, and marketable equity securities totaled $2.44 billion, an 8% increase from the prior year. The company's deferred revenue stood at $5.74 billion, marking a 24% growth. Cash flows from operating activities were reported at $1.94 billion, a 12% increase from 2022. Fortinet repurchased 27.2 million shares of common stock under its Share Repurchase Program for $1.50 billion in 2023. The company's financial performance was influenced by various factors, including macroeconomic conditions, supply chain dynamics, and strategic investments in growth areas such as secure networking, unified SASE, and AI-driven security operations.