Fortinet Reports First Quarter 2023 Financial Results
Fortinet News, Thursday, May 4,2023
Fortinet (Nasdaq: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, today announced financial results for the first quarter ended March 31, 2023.
'Revenue growth in the first quarter was 32% due to strong growth in both product and service revenue. With 35% product revenue growth, we continue to gain market share while being a leading product revenue company in the cybersecurity industry. Service revenue grew over 30% 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,' said Ken Xie, Founder, Chairman and Chief Executive Officer. '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.'