Fortinet Non-GAAP EPS of $0.34 beats by $0.05, revenue of $1.26B beats by $60M
Fortinet press release (NASDAQ:FTNT): Q1 Non-GAAP EPS of $0.34  beats by $0.05.
Revenue of $1.26B (+32.0% Y/Y)  beats by $60M.
Service revenue of $761.6 million, up 30% year over year
Total revenue of $1.26 billion, up 32% year over year
Billings of $1.50 billion, up 30% year over year
Deferred revenue of $4.88 billion, up 33% year over year
GAAP operating income of $273.5 million, up 81% year over year
Non-GAAP operating income of $334.0 million, up 59% year over year
GAAP operating margin of 21.7%
Non-GAAP operating margin of 26.5%.

Q2 Outlook:
Revenue in the range of $1.280 billion to $1.320 billion
Billings in the range of $1.560 billion to $1.600 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 $0.33 to $0.35, assuming a non-GAAP effective tax rate of 17%. This assumes a diluted share count of 790 million to 800 million.

2023 Outlook: Revenue in the range of $5.425 billion to $5.485 billion
Service revenue in the range of $3.370 billion to $3.400 billion
Billings in the range of $6.750 billion to $6.810 billion
Non-GAAP gross margin in the range of 75.0% to 76.0%
Non-GAAP operating margin in the range of 25.0% to 26.0%
Diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $1.44 to $1.48, assuming a non-GAAP effective tax rate of 17%. This assumes a diluted share count of 795 million to 805 million.
Shares +3.29%.