Fortinet Reports Fourth Quarter And Full Year 2022 Financial Results
Fortinet News, February 7th, 2023
Product revenue of $540.1 million, up 43% year over year; Service revenue of $742.9 million, up 27% year over year
'Total revenue grew 32% in 2022 and year-over-year to $4.42 billion, and we generated GAAP net income of $857.3 million. This marks the 14th consecutive year that we have been GAAP profitable, including every year since our 2009 IPO. Cash flow from operations was $1.73 billion and free cash flow was a Fortinet record of $1.45 billion for the year,' said Ken Xie, Founder, Chairman and Chief Executive Officer. 'Our market share gains are being driven by Fortinet's integrated and single platform approach to cybersecurity combined with FortiASIC technology, which lowers the management costs and the total cost of ownership for organizations. Given our cost-for-performance advantage, the convergence of security and networking, and the consolidation of products and vendors, we expect to continue our solid growth trajectory.'