Fortinet Non-GAAP EPS of $0.94 beats by $0.14, revenue of $954.8M beats by $68.35M
Fortinet press release (NASDAQ:FTNT): Q1 Non-GAAP EPS of $0.94  beats by $0.14.
Revenue of $954.8M (+34.4% Y/Y)  beats by $68.35M.

Bookings of $1.28 billion, up 50% year over year1

Billings of $1.16 billion, up 36% year over year
Product revenue of $371.0 million, up 54% year over year

For the second quarter of 2022, Fortinet currently expects:

Revenue in the range of $1.005 billion to $1.035 billion vs. $1.01B consensus
Billings in the range of $1.225 billion to $1.265 billion
Non-GAAP gross margin in the range of 74.5% to 76.0%
Non-GAAP operating margin in the range of 22.0% to 23.5%
Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $1.05 to $1.10 ($1.15 consensus), assuming a non-GAAP effective tax rate of 17%. This assumes a diluted share count of 165 million to 167 million.

For the fiscal year 2022, Fortinet currently expects:

Revenue in the range of $4.350 billion to $4.400 billion vs. $4.3B consensus
Service revenue in the range of $2.640 billion to $2.700 billion
Billings in the range of $5.500 billion to $5.580 billion
Non-GAAP gross margin in the range of 74.0% to 76.0%
Non-GAAP operating margin in the range of 24.0% to 26.0%
Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $5.00 to $5.15 ($4.96 consensus), assuming a non-GAAP effective tax rate of 17%. This assumes a diluted share count of 166 million to 168 million.