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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 has launched the FortiGate Cloud-Native Firewall (CNF) on Amazon Web Services (AWS), providing a managed next-generation firewall service tailored for cloud environments. This solution integrates FortiGuard AI security services for real-time threat detection and protection, simplifying security operations for organizations transitioning to the cloud. Key benefits include optimized costs for region-wide protection, simplified operations through cloud-native integrations, and enhanced compliance with consistent security across deployments.
Fortinet (NASDAQ: FTNT) will participate in the Annual Meeting on Cybersecurity 2022, hosted by the World Economic Forum in Geneva from November 14-16. CEO Ken Xie emphasized the importance of making the internet safer as cyber threats continue to rise. Fortinet will engage in discussions on scalable methods to combat emerging cybercrime threats and work on closing the cybersecurity skills gap. The firm aims to mitigate risks through its collaboration with global entities.
Fortinet (NASDAQ: FTNT) forecasts a rise in cybercrime fueled by Cybercrime-as-a-Service (CaaS) in a recent report from its global threat intelligence team. This report highlights the dangers of evolving attack methods, including Ransomware-as-a-Service (RaaS) and new exploit vectors targeting edge devices and online environments. Increased automation and commoditized wiper malware are expected to escalate attacks, making security measures more essential. The report emphasizes the necessity for organizations to bolster cybersecurity with integrated threat intelligence and effective response strategies.
Fortinet (FTNT) announced Q3 2022 results, revealing total revenue of $1.15 billion, a 33% year-over-year increase, driven by product revenue of $468.7 million (+39%) and service revenue of $680.8 million (+28%). Billings rose to $1.41 billion, and deferred revenue reached $4.19 billion. GAAP diluted net income per share was $0.29, while non-GAAP diluted net income per share was $0.33. Fortinet expects Q4 revenue between $1.275 billion and $1.315 billion.
Fortinet (NASDAQ: FTNT) announced enhancements to its FortiSASE solution, integrating cloud-delivered SD-WAN with security features to improve secure private access for users. This unified approach aims to enhance user experience and security for over 20,000 customers. Gartner predicts that by 2025, one-third of SASE deployments will involve single-vendor solutions, showing a significant market shift. Fortinet's advancements include improved support for Secure Private Access and Secure SaaS Access, representing a major step in converging networking and security services.
Fortinet announces its role as the Official Cybersecurity Partner for the BMW Ladies Championship, scheduled for October 20-23, 2022, at Oak Valley Country Club, South Korea. This sponsorship marks Fortinet's first engagement with the LPGA and its debut in Asia. The tournament features a competitive lineup of 78 players vying for a $2 million prize pool. Fortinet aims to promote inclusion and diversity in women’s professional golf while addressing the global cybersecurity skills gap through various training initiatives.
Fortinet (NASDAQ: FTNT) has partnered with Chandler Unified School District, Arizona's second largest district, to provide its over 5,200 faculty and staff with free cyber awareness training.
This initiative, part of a broader program for K-12 schools in the U.S., aims to enhance cybersecurity knowledge and reduce cyber risks. The training is tailored to recognize threats like social engineering and complies with NIST guidelines. Fortinet's service is acknowledged as a certified program by local governments, further validating its importance in safeguarding sensitive data.
Fortinet (NASDAQ: FTNT) announced a conference call to discuss its financial results for Q3 2022, scheduled for November 2 at 1:30 p.m. PT. The call will be streamed live on the investor relations website. Fortinet is recognized as a leader in cybersecurity solutions, trusted by over 595,000 customers globally. The company's Security Fabric provides comprehensive protection across various digital platforms, emphasizing its commitment to safeguard data and devices.
Fortinet has issued over 1 million Network Security Expert (NSE) certifications, reinforcing its commitment to address the cybersecurity skills gap. The Fortinet Training Institute enhances its program by introducing new courses and training partners, aiming to empower diverse talent pools including women, veterans, and students. Recent initiatives include providing free cybersecurity training to K-12 school districts in the U.S., reaching approximately 8 million staff. With over 80% of breaches attributed to skill shortages, Fortinet is utilizing its resources to bridge this critical gap in workforce capabilities.
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