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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 announced an expanded collaboration with Microsoft to integrate its FortiGate-VM and Secure SD-WAN with Microsoft Azure Virtual WAN. This integration enables advanced security policies for virtual WAN traffic, promoting simplified and secure cloud operations. Notable benefits include one-click deployment, advanced security features for data transport, and enhanced interconnectivity across hybrid and multi-cloud environments. Organizations can leverage Fortinet's capabilities to address digital innovation while minimizing complexity.
Fortinet (NASDAQ: FTNT) has forecasted significant changes in the cybersecurity landscape for 2022 and beyond. Cybercriminals are evolving their tactics, increasingly resembling advanced persistent threat (APT) groups. Predictions include a rise in destructive ransomware attacks, enhanced reconnaissance efforts, and the use of AI for deep fakes and social engineering. FortiGuard Labs emphasizes the need for organizations to adopt a Security Fabric platform based on a cybersecurity mesh architecture to defend against these evolving threats.
Fortinet (FTNT) reported a robust third quarter of 2021, achieving total revenue of $867.2 million, a 33% year-over-year increase. Product revenue surged by 51% to $337.1 million, while service revenue rose 24% to $530.1 million. Billings hit $1.06 billion, marking a 42% year-over-year increase. GAAP diluted net income per share was $0.97, up from $0.75 in Q3 2020. Fortinet's guidance for Q4 2021 expects revenue between $940 million and $970 million. The company also authorized a $1.25 billion increase in its share repurchase program.
Fortinet (NASDAQ: FTNT) has announced a comprehensive solution to enhance cybersecurity for the work-from-anywhere model. By integrating its zero trust, endpoint, and network security solutions within the Fortinet Security Fabric, Fortinet provides seamless security for users, regardless of their location. The company emphasizes the increase in remote work due to the pandemic, with forecasts indicating 60% of employees will work remotely by 2024. It also highlights the rise in ransomware attacks, with incidents increasing nearly 1100% from June 2020 to June 2021.
Fortinet Federal, a subsidiary of Fortinet (NASDAQ: FTNT), announced that 26 additional Fortinet Security Fabric solutions have achieved Department of Defense Information Network (DoDIN) Approved Products List certification. This certification allows these products to be sold to DoD agencies, enhancing cybersecurity capabilities. Additionally, the Defense Information Systems Agency published a FortiGate Security Technical Implementation Guide (STIG), offering DoD administrators guidance for secure deployment. These advancements support the U.S. government's mission-critical cybersecurity needs.
Fortinet (NASDAQ: FTNT) has released a new book titled Fight Fire with Fire: Proactive Cybersecurity Strategies for Today’s Leaders, authored by Renee Tarun and fourteen female cybersecurity leaders. The book aims to address the growing cybersecurity skills gap and evolving threats by offering actionable strategies for security leaders. With a call to train 1 million people in cybersecurity over five years, Fortinet emphasizes the importance of diversity in the workforce to combat cyber threats effectively. The book outlines a holistic approach involving people, processes, and technology.
Telefónica Tech and Fortinet (NASDAQ: FTNT) are enhancing their strategic alliance with the launch of flexWAN by Fortinet, a managed service that combines networking and security features. This new service will first be available in Spain and will expand globally across Telefónica's footprint in Europe and the Americas. The initiative aims to provide secure, high-performance connectivity for users working both in-office and remotely. This integration is a response to the growing demand for secure cloud migration and digital transformation in a hybrid work environment.
Fortinet announces the addition of Admiral James Stavridis (USN, Ret) to its Board of Directors, enhancing its leadership team. With 37 years of military experience and a strong background in cybersecurity, Admiral Stavridis aims to contribute to Fortinet's ongoing growth and innovation. He previously commanded NATO and held key roles in the Navy, and has served as Dean at The Fletcher School, emphasizing cybersecurity education. This strategic appointment aligns with Fortinet's commitment to advance its position in the cybersecurity sector.
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