Fortinet Non-GAAP EPS of $0.38 beats by $0.04, revenue of $1.29B misses by $10M
Fortinet press release (NASDAQ:FTNT): Q2 Non-GAAP EPS of $0.38  beats by $0.04.
Revenue of $1.29B (+25.2% Y/Y)  misses by $10M.
Total billings were $1.54 billion for the second quarter of 2023, an increase of 18.1% compared to $1.30 billion for the same quarter of 2022.

Total deferred revenue was $5.13 billion as of June 30, 2023, an increase of 30.4% compared to $3.93 billion as of June 30, 2022.

Q3 Outlook: Revenue in the range of $1.315 billion to $1.375 billion
Billings in the range of $1.560 billion to $1.620 billion
Non-GAAP gross margin in the range of 75.5% to 76.5%
Non-GAAP operating margin in the range of 24.5% to 25.5%
Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $0.35 to $0.37, assuming a non-GAAP effective tax rate of 17%. This assumes a diluted share count of 795 million to 805 million.

2023 Outlook: Revenue in the range of $5.350 billion to $5.450 billion
Service revenue in the range of $3.350 billion to $3.410 billion
Billings in the range of $6.490 billion to $6.590 billion
Non-GAAP gross margin in the range of 75.25% to 76.25%
Non-GAAP operating margin in the range of 25.25% to 26.25%
Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $1.49 to $1.53, assuming a non-GAAP effective tax rate of 17%. This assumes a diluted share count of 795 million to 805 million.
Shares -16.5%.