Fortinet (FTNT) Revenue — Quarter Ended Mar 31, 2023
Revenue in the latest quarter rose sharply from the same period a year earlier but edged down from the immediately preceding quarter. The sequential decline marks a pause following several quarters of strong growth.
Key takeaway
Quarter ended Mar 31, 2023 · FY2023 Q1
Revenue in the latest quarter rose sharply from the same period a year earlier but edged down from the immediately preceding quarter. The sequential decline marks a pause following several quarters of strong growth.
Financial snapshot
Reported revenue, sequential change, year-over-year change, and trailing four-quarter revenue.
Quarter revenue
$1.3B
Revenue reported for this quarter.
Quarter-over-quarter
-1.6%
Change from the immediately preceding quarter.
Year-over-year
+32.2%
Change from the comparable year-ago quarter.
Trailing four quarters
$4.7B
Sum of the latest four reported quarters.
Quarterly revenue trend
The latest four reported quarters with year-over-year comparisons.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Jun 30, 2022 | $1B | +28.6% |
| Sep 30, 2022 | $1.1B | +32.6% |
| Dec 31, 2022 | $1.3B | +33.1% |
| Mar 31, 2023 | $1.3B | +32.2% |
Revenue performance
The reported revenue increased compared with the same quarter last year, reflecting continued demand, while declining modestly from the prior quarter on a sequential basis.
Quarterly comparison
Compared with the immediately preceding quarter, revenue was slightly lower; compared with the same quarter one year earlier, revenue posted a significant gain.
What to watch
Monitor deferred revenue and billings trends, as they provide insight into future revenue recognition and business momentum.