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Fortinet, Inc. (NASDAQ: FTNT) is a leading global provider of network security appliances and the market leader in unified threat management (UTM). Headquartered in Sunnyvale, California, Fortinet develops comprehensive cybersecurity solutions that help businesses protect against dynamic security threats while simplifying IT security infrastructure. The company's flagship product, FortiGate, offers ASIC-accelerated performance and integrates multiple layers of security to safeguard against application and network threats. Fortinet's extensive product line extends beyond UTM to secure the entire enterprise, from endpoints to the core network, including databases and applications.
Fortinet's platform-based cybersecurity offerings cover network security, cloud security, zero-trust access, and security operations. The company generates most of its revenue through sales of its subscription and support-based services. With over 700,000 customers worldwide, including many from the 2010 Fortune Global 100, Fortinet has established itself as a trusted cybersecurity provider for enterprises, service providers, and government entities globally.
Recent achievements include the launch of the FortiGate Rugged 70G with 5G Dual Modem, designed for industrial environments and remote ATMs. This new product merges enterprise-grade threat protection with high-performing networking capabilities, ensuring high availability and secure connectivity in extreme conditions. Fortinet's commitment to innovation is evident in its continuous development of the FortiOS, the industry's most powerful network security operating system. The latest version, FortiOS 7.6, introduces new generative AI features, enhanced data protection, and managed services to help customers mitigate risks and simplify network management.
Financially, Fortinet has shown strong performance. For the fourth quarter of 2023, the company reported significant growth in Security Operations billings and SASE billings, driven by a successful sales strategy shift and improved execution. The firm's platform strategy continues to resonate with enterprises worldwide, positioning Fortinet as a leader in secure networking and firewall solutions.
Fortinet is also committed to closing the global cybersecurity skills gap. Through the Fortinet Training Institute, the company offers extensive training programs and has made remarkable strides in providing cybersecurity education to underserved communities, including women and veterans. Fortinet's collaboration with various public and private entities further emphasizes its dedication to enhancing global cyber resilience.
Learn more about Fortinet's innovations, financial highlights, and commitment to cybersecurity at Fortinet.com.
Fortinet (NASDAQ: FTNT) has launched the Cybercrime Atlas, a collaborative initiative aimed at combating cybercrime, during the World Economic Forum in Davos. The Atlas brings together leaders from various sectors, including Microsoft and PayPal, to create a comprehensive understanding of the cybercriminal ecosystem. It focuses on disrupting criminal operations through shared intelligence and coordinated actions. This effort has already analyzed 13 criminal groups since 2021, aiming to enhance law enforcement's ability to tackle cyber threats effectively. Fortinet's commitment to cybersecurity is reflected in its partnerships with various organizations.
Fortinet (FTNT) reported strong financial results for Q4 and full year 2022, with total revenue reaching $4.42 billion, up 32% year-over-year. Product revenue surged 43% to $540.1 million in Q4, while service revenue increased 27% to $742.9 million. GAAP net income for 2022 was $857.3 million, marking the 14th consecutive year of profitability since the company's IPO in 2009. Cash flow from operations stood at $1.73 billion, with free cash flow hitting a record $1.45 billion. For Q1 2023, Fortinet expects revenue between $1.180 billion and $1.220 billion, with diluted non-GAAP EPS projected at $0.27 to $0.29.
Fortinet (NASDAQ: FTNT) has launched FortiSP5, its fifth-generation security processing unit, aimed at enhancing cybersecurity through unprecedented power-efficient performance. The new chip delivers up to 17x faster firewall performance and 88% less power consumption compared to standard CPUs. FortiSP5 supports multiple applications simultaneously, significantly improving network security without sacrificing efficiency. This advancement is underpinned by over 20 years of ASIC technology investment. Fortinet's commitment to sustainability is also highlighted, as its facilities aim for carbon neutrality by 2030.
Fortinet (NASDAQ: FTNT) announced the inaugural Fortinet Girls Invitational, scheduled for February 17-20, 2023, at Stanford University’s Golf Course. This event aims to enhance opportunities for women in golf, from AJGA amateurs to LPGA champions, aligning with Fortinet's commitment to diversity and inclusion. The company, serving as the Official Diversity & Inclusion/STEM Education Partner for the AJGA, also provides resources and training for women pursuing careers in cybersecurity through the Fortinet Training Institute. Fortinet is addressing the cybersecurity workforce shortage, where women represent only 24% of the industry, by promoting initiatives that support their career development.
Fortinet (NASDAQ: FTNT) announced new security operations center (SOC) augmentation services aimed at addressing the global cybersecurity skills gap. With 50% of leaders citing SOC roles as challenging to fill and 80% of organizations suffering breaches due to skill shortages, these initiatives are crucial for enhancing cyber resiliency. The new services, including SOC-as-a-Service and an Outbreak Detection Service, leverage AI and machine learning to streamline alert management. Additionally, the Fortinet Training Institute is expanding access to cybersecurity training to develop the workforce of the future.
Fortinet (NASDAQ: FTNT) will engage cybersecurity and golf leaders at the AT&T Pebble Beach Pro-Am from February 2-5, 2023. This event aims to foster discussions among customers and partners about innovative security solutions and technology advancements. The initiative builds on the recent success of the Fortinet Security Summit and emphasizes Fortinet's commitment to connecting industry leaders. Key figures like CEO Ken Xie will participate, enhancing the company's visibility and influence in the cybersecurity landscape as they prepare for the Fortinet Championship in September.
Fortinet (NASDAQ: FTNT) will host a conference call on February 7, 2023, at 1:30 PM PT to discuss its Q4 2022 financial results. The call will be accessible via Fortinet's investor relations website. The prepared remarks, slides, and replay will also be available subsequently. Fortinet is recognized for its comprehensive cybersecurity solutions and serves over 615,000 customers globally, securing critical devices and data. The Fortinet Security Fabric platform offers broad protections across various digital environments.
Fortinet (NASDAQ: FTNT) has been named a Visionary in the 2022 Gartner Magic Quadrant for Enterprise Wired and Wireless LAN Infrastructure for the third consecutive year. This recognition underscores the strengths of its Wired and Wireless LAN portfolio, which integrates networking and security to enhance digital transformation while reducing cyber risks. Fortinet's solutions deliver significant cost savings by bundling features into its FortiGate platform, ensuring simplified management and robust security.
Fortinet (NASDAQ: FTNT) has been recognized as a Leader in the 2022 Gartner Magic Quadrant for Network Firewalls, marking its thirteenth accolade in this category. The company achieved the highest scores in Ability to Execute and Completeness of Vision. FortiGate Next-Generation Firewalls (NGFWs) are highlighted for their superior ROI and AI/ML-powered security features. The press release emphasizes Fortinet's commitment to innovation, which is supported by over two decades of organic development in ASIC technology and FortiOS.
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