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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) announced the opening of a new 215,000-square-foot, 10-story building in Atlanta, Georgia, representing an investment of over $15 million. The facility will serve as a Fortinet Innovation Hub, featuring a FortiCloud Point of Presence, Executive Briefing Center, Cyber Training Facility, and expanded Customer Support. The building will contribute to regional growth and job development, while strengthening the company's global expansion strategy. The hub will enhance customer service capabilities and foster partnerships in the region where Fortinet has operated for 24 years.
Fortinet (NASDAQ: FTNT) has appointed Janet Napolitano to its Board of Directors, strengthening its cybersecurity leadership with her extensive national security and public policy expertise. Napolitano, former Secretary of Homeland Security (2009-2013) and Governor of Arizona (2003-2009), will advise on CISA's Secure by Design Pledge and enhance collaboration with global security stakeholders. Currently serving as founder and faculty director of the Center for Security in Politics at UC Berkeley, Napolitano also holds board positions at Vir Biotechnology, Zoom, and RAND This appointment aligns with Fortinet's mission to advance global cybersecurity resilience and secure digital infrastructure.
Fortinet (NASDAQ: FTNT) has announced plans to host an Analyst Day on November 18, 2024, in New York City, marking its 15-year IPO anniversary. The event will feature company executives sharing insights on cybersecurity's future, strategy updates, and financial outlook. Ken Xie, Founder and CEO, emphasized the company's leading role in cybersecurity evolution and commitment to innovation.
Prior to the main event, Fortinet will ring the Nasdaq Opening Bell to commemorate its public trading milestone. The Analyst Day presentation will be available via live broadcast in listen-only mode through the company's investor relations website. The event highlights Fortinet's two-decade journey in shaping cybersecurity through integrated solutions and strategic partnerships.
Fortinet (FTNT) reported strong Q3 2024 financial results with total revenue of $1.51 billion, up 13% year-over-year. Service revenue grew 19.1% to $1.03 billion, while product revenue increased 1.7% to $473.9 million. The company achieved record GAAP operating margin of 31.2% and non-GAAP operating margin of 36.1%. Cash flow from operations reached $608.1 million, with free cash flow of $571.8 million. The board authorized a $1 billion increase in share repurchase program, bringing total authorization to $2.03 billion. Fortinet raised its 2024 revenue guidance to $5.856-$5.916 billion.
Fortinet (NASDAQ: FTNT) has announced the expansion of its generative AI capabilities with two new FortiAI integrations. The first addition, FortiAI for FortiNDR Cloud, enables threat hunters to efficiently analyze detections and assess coverage against emerging threats. The second, FortiAI for Lacework FortiCNAPP, helps SOC teams understand alerts and streamline remediation with step-by-step guidance. These additions bring the total number of Fortinet products featuring GenAI integration to seven, demonstrating the company's commitment to enhancing cybersecurity through AI innovation.
Fortinet (NASDAQ: FTNT) announced its participation in the World Economic Forum's Annual Meeting on Cybersecurity in Geneva from November 11-13, 2024. Derek Manky, Chief Security Strategist and VP of Global Threat Intelligence, will moderate a panel discussion on countering cybercrime through public-private partnerships. As a founding member of the Forum's Centre for Cybersecurity, Fortinet has contributed to the Cybercrime Atlas initiative, helping vet over 10,000 actionable data points, creating seven intelligence packages, and supporting two cross-border disruption campaigns. The meeting addresses growing concerns as the World Economic Forum's Global Cybersecurity Outlook 2024 reports a 30% decrease in organizations maintaining minimum viable cyber resilience.
Fortinet (NASDAQ: FTNT) announces the general availability of FortiDLP, a next-generation data loss prevention and insider risk management solution. The AI-enhanced platform offers comprehensive data protection across cloud deployments, applications, and devices. Key features include Shadow AI data protection, day-one data visibility, insider risk protection, and SaaS application security. FortiDLP enables organizations to anticipate risks, streamline incident response, and protect sensitive information from both internal and external threats through AI-powered detection and user education.
Fortinet's 2024 Security Awareness and Training Global Research Report reveals critical cybersecurity challenges facing organizations. Nearly 70% of organizations report their employees lack fundamental security awareness, up from 56% in 2023. The report highlights that over 60% of respondents expect more employees to fall victim to AI-augmented attacks.
Key findings show that 80% of organizations are more open to implementing security awareness training due to AI threats. Three-quarters of leaders plan security awareness campaigns, with 34% delivering monthly and 47% quarterly content. More than 80% of organizations faced attacks targeting individuals last year, including malware, phishing, and password attacks. Notably, 89% of organizations reported improvements after implementing security awareness training programs.
CrowdStrike (NASDAQ: CRWD) and Fortinet have announced a strategic partnership to unify best-in-class endpoint and firewall protection. This collaboration integrates AI-native endpoint security from the CrowdStrike Falcon® platform with Fortinet's FortiGate next-generation firewalls (NGFW).
The partnership aims to provide customers and partners with enhanced flexibility, visibility, and security across networks, applications, and endpoints. Key benefits include:
- Rich telemetry across endpoint and network
- Fast and accurate AI-powered threat protection and response
- Streamlined security operations with a unified view
- Context-rich insights into network traffic, user activity, and device posture
Both companies have received industry recognition, with CrowdStrike named a Leader in the 2024 Gartner® Magic Quadrant™ for Endpoint Protection Platforms and Fortinet recognized 15 times in the Gartner® Magic Quadrant™ for Network Firewalls.
Fortinet's FortiGuard Labs has released a report highlighting cyberthreats targeting the 2024 U.S. Presidential Election. Key findings include:
- Phishing scams targeting voters with affordable kits sold on the darknet
- Over 1,000 new potentially malicious domains registered in 2024
- Billions of U.S. records for sale on darknet forums, including SSNs and PII
- 28% increase in ransomware attacks against U.S. government year-over-year
The report details the sale of phishing kits impersonating candidates, fraudulent fundraising websites, and the concentration of malicious domains on major hosting platforms. It also highlights the risks of credential-stuffing attacks, financial fraud, and identity theft. Fortinet emphasizes the need for vigilance, employee training, multi-factor authentication, endpoint protection, and regular software updates to safeguard against these threats.
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