Fortinet (FTNT) Revenue — Quarter Ended Mar 31, 2024
Revenue for this quarter declined from the prior quarter but increased compared to the same quarter last year. The sequential drop ended a multi-quarter streak of growth.
Key takeaway
Quarter ended Mar 31, 2024 · FY2024 Q1
Revenue for this quarter declined from the prior quarter but increased compared to the same quarter last year. The sequential drop ended a multi-quarter streak of growth.
Financial snapshot
Reported revenue, sequential change, year-over-year change, and trailing four-quarter revenue.
Quarter revenue
$1.4B
Revenue reported for this quarter.
Quarter-over-quarter
-4.4%
Change from the immediately preceding quarter.
Year-over-year
+7.2%
Change from the comparable year-ago quarter.
Trailing four quarters
$5.4B
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, 2023 | $1.3B | +25.5% |
| Sep 30, 2023 | $1.3B | +16.1% |
| Dec 31, 2023 | $1.4B | +10.3% |
| Mar 31, 2024 | $1.4B | +7.2% |
Revenue performance
The quarter reported a decrease in revenue from the immediate prior period, marking a turnaround from the positive sequential trend observed in recent quarters.
Quarterly comparison
Sequentially, revenue fell after several quarters of increases. On a year-over-year basis, revenue continued to grow, though at a slower rate than in prior comparable periods.
What to watch
Monitor whether the sequential trend stabilizes or recovers in the upcoming quarter, given the company's disclosure of risks related to economic conditions and IT spending.