Fortinet, Inc. - FTNT STOCK NEWS

Fortinet (NASDAQ: FTNT) has been recognized as a Leader in the 2022 Gartner® Magic Quadrant™ for SD-WAN, marking its third consecutive year in this position. The company excelled in its ability to execute and was acknowledged for its completeness of vision. With a growing customer base, Fortinet Secure SD-WAN integrates SD-WAN and security solutions through a unified operating system, FortiOS. This recognition underscores Fortinet's commitment to enhancing user experience and supporting the digital transformation while addressing modern networking complexities.

Fortinet (NASDAQ: FTNT) has announced new sponsorships for LPGA players Alison Lee and Andrea Lee, alongside Stanford student athletes Rose Zhang and Rachel Heck. This initiative is aimed at promoting inclusivity and diversity while supporting women's advancement in various professions, particularly in technology. The sponsorships are part of Fortinet’s Training Advancement Agenda and Training Institute programs, which offer cybersecurity training and career opportunities. The company aims to close the cybersecurity skills gap and empower women through its corporate initiatives.

Fortinet (NASDAQ: FTNT) announces the Fortinet Championship Security Summit to take place from September 13 to 16, 2022, in Napa, California. The summit aims to enhance cybersecurity by bringing together industry leaders to discuss cyber risk management, zero trust, and closing the cyber skills gap. This event will include keynotes and roundtable sessions featuring notable experts, including former government officials. Additionally, proceeds from the accompanying championship will support community organizations focused on STEM and diversity initiatives.

Fortinet and NEC Corporation have announced a global partnership to develop secure 5G networks for communication service providers (CSPs). This collaboration will leverage Fortinet's advanced cybersecurity solutions, including the widely deployed FortiGate firewall, alongside NEC's expertise in telecom services. The focus will be on enhancing security across 5G architectures, addressing increased data traffic and threats. Together, they aim to provide CSPs with comprehensive security measures and insights into network operations, facilitating a safer 5G environment globally.

Fortinet's latest Global Threat Landscape Report reveals significant trends in cyber threats, particularly with a surge in ransomware variants, which grew nearly 100% in six months. The report highlights that work-from-anywhere endpoints are prime targets for cyber adversaries. Notably, over 10,600 new ransomware variants were identified, and destructive malware tactics, including wiper malware, are evolving. Organizations are urged to adopt integrated security solutions for real-time threat intelligence and to combat advanced cyber threats.

Fortinet (NASDAQ: FTNT) has been recognized as one of the top five fastest-growing ZTNA vendors according to the latest Gartner® Market Share report. The company attributes its growth to its Universal ZTNA solution, which supports secure access for hybrid work environments, offering lower costs and seamless integration with the Fortinet Security Fabric. Notably, over 80% of organizations struggle to implement Zero Trust principles, making Fortinet's offerings increasingly relevant.

Fortinet (FTNT) reported strong financial performance for Q2 2022, with total revenue of $1.03 billion, a 29% increase year-over-year. Product revenue grew 34% to $400.7 million, while service revenue rose 25%. Bookings reached $1.38 billion, up 42%. GAAP diluted net income per share was $0.21, a 32% increase from Q2 2021. Cash flow from operations was $323.4 million. For Q3 2022, Fortinet expects revenue between $1.105 and $1.135 billion.

Fortinet has launched the new FortiGate 4800F series of hyperscale firewalls, designed for enterprises and mobile network operators (MNOs). This compact firewall boasts a capacity of 2.4 Tbps, enabling the concurrent running of more applications while reducing physical space requirements. Notably, it supports up to 25 million connections per second and offers the industry's highest performance ratings, including 34x better performance than competitors. The FortiGate 4800F also accelerates 5G adoption through enhanced security features, making it a pivotal investment for future digital landscapes.

Comcast Business has partnered with Fortinet (NASDAQ: FTNT) to enhance its managed services by offering secure access service edge (SASE) and security service edge (SSE) solutions. This collaboration aims to assist enterprises in protecting distributed workforces through a cloud-delivered security approach. Recent CIO research shows that 98% of IT leaders find the convergence of network and security vital. Comcast's offerings, hosted via Equinix data centers, provide enterprises with flexible and secure network services, including up to 10 Gbps connectivity.