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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) 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.
Fortinet has launched the FortiGate 2600F, a high-performance network firewall designed to enhance security for enterprise data centers, WAN, and cloud environments. It offers up to 10x higher performance than competitors, with Security Compute Ratings significantly exceeding industry averages. Key features include advanced SSL inspection, DDoS protection, and accelerated IPsec VPN that improves remote workforce operations. The device's capability to segment networks and reduce complexity aims to address insider threats, simplifying operations while providing a potential ROI boost.
Fortinet has expanded its Security Academy Program with over 20 new academic and nonprofit partners globally, aimed at providing advanced cybersecurity training and certifications. This initiative is part of Fortinet's commitment to address the cybersecurity skills gap and enhance career pathways, particularly for veterans. The NSE Training Institute has issued more than 450,000 certifications worldwide, with over 200,000 in 2020 alone. The program focuses on increasing access to cybersecurity education, supporting a diverse workforce, and building essential skills for in-demand careers.
Fortinet (NASDAQ: FTNT) has appointed Ken Goldman, former CFO and board member, back to its Board of Directors. With over 40 years of experience, including roles at Fortune 500 companies like Yahoo! and Siebel Systems, Goldman aims to enhance the company's strategic vision as it expands into new markets. CEO Ken Xie expressed enthusiasm about Goldman's return, noting the significant depth and expertise he brings. Goldman previously served as Fortinet's CFO and has held high-level positions across multiple prestigious organizations.
Fortinet (NASDAQ: FTNT) has released its FortiGuard Labs Global Threat Landscape Report for H1 2020, highlighting a dramatic increase in cyber threats during the COVID-19 pandemic. Attackers have exploited the surge in remote work, targeting IoT devices and consumer-grade routers. Ransomware incidents have not diminished, with COVID-19-themed messages used as lures. The report shows a significant rise in phishing attacks and the urgency for organizations to secure their remote workforces. Overall, the evolving threat landscape necessitates robust cybersecurity measures to mitigate risks.
Fortinet has launched the FortiGate 4400F, the world's first hyperscale firewall, designed to enhance cybersecurity for hyperscale data centers and 5G networks. This new firewall utilizes the NP7 network processor, providing up to 13 times better performance than competitors. It addresses the growing need for secure, high-speed connections, supporting millions of simultaneous connections while preventing DDoS attacks. The FortiGate 4400F aims to solve the security challenges faced by modern businesses, offering unmatched scalability and security in a single appliance.
Fortinet (NASDAQ: FTNT) has announced significant advancements in its Secure SD-WAN solutions, particularly with the launch of the FortiGate 80F appliance. This innovation showcases a 247% year-over-year revenue growth in Fortinet's SD-WAN segment, leading to its recognition as the fastest-growing vendor in the industry. The new appliance offers advanced networking capabilities and robust security features optimized for multi-cloud environments. Fortinet's strategic focus on scalable SD-WAN solutions positions it as a market leader, providing enterprises with enhanced application experiences and operational efficiencies.
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