Fortinet Inc (NASDAQ:FTNT) stock surges 13.33% (As on February 8, 11:02:33 AM UTC-4, Source: Google Finance) after the company posted mixed results for the fourth quarter of FY 22. Product revenue was $540.1 million for the fourth quarter of 2022, an increase of 42.5% compared to $378.9 million for the same quarter of 2021. Service revenue was $742.9 million for the fourth quarter of 2022, an increase of 27.1% compared to $584.7 million for the same quarter of 2021. Total billings were $1.72 billion for the fourth quarter of 2022, an increase of 31.6% compared to $1.31 billion for the same quarter of 2021. Non-GAAP operating income was $417.6 million for the fourth quarter of 2022, representing a non-GAAP operating margin of 32.5%. Non-GAAP operating income was $274.7 million for the same quarter of 2021, representing a non-GAAP operating margin of 28.5%. Non-GAAP net income was $349.7 million for the fourth quarter of 2022, compared to non-GAAP net income of $205.8 million for the same quarter of 2021. Cash flow from operations was $528.1 million for the fourth quarter of 2022, compared to $366.8 million for the same quarter of 2021. Free cash flow was $497.2 million for the fourth quarter of 2022, compared to $215.5 million for the same quarter of 2021.

FTNT in the fourth quarter of FY 22 has reported the adjusted earnings per share of 44 cents, beating the analysts’ estimates for the adjusted earnings per share of 39 cents. The company had reported the adjusted revenue growth of 33 percent to $1.28 billion in the fourth quarter of FY 22, missing the analysts’ estimates for revenue of $1.3 billion.

For the first quarter of 2023, Fortinet currently expects revenue to be in the range of $1.180 billion to $1.220 billion, Billings to be in the range of $1.415 billion to $1.465 billion, Non-GAAP gross margin in the range of 75.0% to 76.0%, Non-GAAP operating margin in the range of 23.0% to 24.0% and diluted non-GAAP net income per share attributable to Fortinet, Inc. to be in the range of $0.27 to $0.29.

For the fiscal year 2023, Fortinet currently expects revenue in the range of $5.370 billion to $5.430 billion, Service revenue in the range of $3.335 billion to $3.365 billion, Billings in the range of $6.710 billion to $6.790 billion and diluted non-GAAP net income per share attributable to Fortinet, Inc. in the range of $1.39 to $1.41