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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 announced that it will continue to offer its entire catalogue of self-paced Network Security Expert training at no cost indefinitely, responding to the severe cybersecurity skills gap. In 2020, over 800,000 registrations were recorded for these free training offerings. The program includes more than 30 security courses that cover topics such as cloud security and operational technology. Fortinet collaborates with various partners to develop a diverse cybersecurity workforce and provides access to NSE Certification exam preparation and CPE credits through (ISC)².
Fortinet (NASDAQ: FTNT) will hold a conference call on February 4, 2021, at 1:30 p.m. PT to discuss its Q4 2020 financial results. Access details include dialing (877) 303-6913 for domestic callers or (224) 357-2188 internationally, using conference ID #9656007. The call can also be streamed via a live webcast on Fortinet's Investor Relations page, with a replay available until February 11. Fortinet is a leader in cybersecurity solutions, serving over 480,000 customers globally, and ranks #1 in security appliances shipped worldwide.
Fortinet's Global Reach Expands with New SD-WAN Partnerships
Fortinet (NASDAQ: FTNT) announced that six new service providers, including Fireminds and MTN Business Kenya, have adopted its Secure SD-WAN solution. This expansion highlights organizations' increasing need for integrated network security and efficiency. Fortinet's SD-WAN solution provides advanced routing and security functionalities while achieving a low total cost of ownership. The company continues to be recognized as a leader in the 2020 Gartner Magic Quadrant for WAN Edge Infrastructure and Network Firewalls.
Fortinet (NASDAQ: FTNT) has acquired Panopta, a SaaS platform specializing in network monitoring and diagnostics. This acquisition enhances Fortinet's Security-driven Network approach by providing automated visibility and management for hybrid infrastructures. Panopta’s platform ensures high availability and performance of networks, crucial for organizations' digital initiatives. Key features include unified monitoring, cloud-native capabilities, and automated incident management, positioning Fortinet to better serve enterprises and service providers.
Fortinet (NASDAQ: FTNT) has announced new integrations with Amazon Web Services (AWS) to enhance security across cloud platforms. Key offerings include managed IPS rules for the AWS Network Firewall and the integration of FortiGate VM with AWS Gateway Load Balancer, aimed at improving security and management of VPC environments. These solutions allow organizations to protect workloads, streamline deployments, and gain comprehensive visibility and control. Fortinet remains a major player in cybersecurity, securing a broad range of clients worldwide.
Fortinet has launched the FortiGate Rugged 60F and FortiGate Rugged 60F with LTE, next-generation firewalls designed specifically for operational technology (OT) environments. These appliances offer Secure SD-WAN capabilities, certified for demanding conditions, enabling reliable connectivity even in harsh settings. The FortiGate Rugged 60F features a compact design, multiple power options, and built-in LTE for remote sites, enhancing security and operational efficiency in industries like energy and transportation. This release underscores Fortinet's commitment to security-driven networking.
Fortinet (NASDAQ: FTNT) forecasts a significant evolution in the cybersecurity threat landscape for 2021 and beyond. Key predictions include the rise of sophisticated attacks targeting intelligent edges and 5G-enabled devices, as well as an increase in social engineering tactics. The company emphasizes the necessity for organizations to adopt AI and machine learning to enhance threat prevention and response. As cybercriminals evolve their strategies, Fortinet advises businesses to utilize integrated threat intelligence to combat emerging threats effectively.
Fortinet (NASDAQ: FTNT) reported strong Q3 2020 results, with total revenue of $651.1 million, representing a 19% year-over-year increase. Product revenue rose to $223.8 million, up 14% year-over-year, while service revenue grew to $427.3 million, up 22%. Billings reached $749.8 million, a 20% increase. Deferred revenue climbed to $2.39 billion, up 24%. GAAP diluted net income per share was $0.75, and non-GAAP diluted net income per share was $0.88. The company expects Q4 revenue between $710 million and $730 million.
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