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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.
Juventus Football Club has announced Fortinet (NASDAQ: FTNT) as its Official Cybersecurity Partner for the next two seasons through 2026. Juventus will implement Fortinet's Security Fabric platform to streamline network and security management across its facilities, including Allianz Stadium, headquarters, and training centers.
The partnership involves replacing over 50 switches and 160 access points across 10 locations. Juventus will deploy a central FortiGate Next-Generation Firewall cluster, along with FortiManager and FortiAnalyzer for consolidated management and visibility. This implementation aims to reduce complexity, improve performance, and enhance security across Juventus' infrastructure.
Fortinet (Nasdaq: FTNT) reported its second quarter 2024 financial results, showcasing impressive growth in key areas.
Total revenue increased by 10.9% YoY to $1.43 billion, with service revenue up by 19.8% to $982.4 million. Despite a decline in product revenue by 4.4% to $451.9 million, the company posted record GAAP and non-GAAP operating margins of 30.5% and 35.1% respectively.
Other highlights include GAAP net income of $379.8 million and non-GAAP net income of $439.9 million. Fortinet also reported a cash flow from operations of $342 million, though free cash flow decreased to $318.9 million.
Looking ahead, the company raised its 2024 revenue and non-GAAP operating margin guidance, expecting revenues between $5.8 billion and $5.9 billion, and non-GAAP operating margins between 30.0% and 31.5%.
Fortinet (NASDAQ: FTNT) has acquired Next DLP, a leader in insider risk and data protection, to enhance its data loss prevention (DLP) capabilities. This strategic move aims to strengthen Fortinet's position in the standalone enterprise DLP market and reinforce its leadership in integrated DLP within endpoint and SASE solutions. Next DLP's cloud-native SaaS data protection platform will be integrated into Fortinet's security service edge (SSE) offering and across the Fortinet Security Fabric.
Key highlights:
- Next DLP recognized in Gartner's 2023 Market Guides for DLP and Insider Risk Management Solutions
- Acquisition closed on August 5, 2024
- Fortinet aims to improve its Unified SASE solution with advanced DLP capabilities
- Integration expected to extend data security solutions to organizations worldwide
Fortinet (NASDAQ: FTNT) has announced significant updates to its Operational Technology (OT) Security Platform, enhancing protection for cyber-physical systems. The updates include:
1. New ruggedized appliances
2. Advanced secure networking capabilities
3. Expanded security operations features
4. Enhanced partnerships with leading OT vendors
These improvements aim to address the growing cyber risks in OT environments, as 73% of organizations experienced intrusions impacting OT systems in 2024. Key enhancements include advanced asset identification, expanded virtual patching, new rugged switches, and AI-driven security operations capabilities. Fortinet has also strengthened collaborations with partners like Armis and Claroty to improve OT asset management and network operations.
Fortinet (NASDAQ: FTNT) has completed the acquisition of Lacework, a leading AI-driven cloud-native application protection platform (CNAPP), effective August 1, 2024. This strategic move enhances Fortinet's Security Fabric by integrating Lacework's cloud security solutions, creating a comprehensive full-stack AI-driven cloud security platform. The acquisition brings 225 patents and applications to Fortinet, increasing its global patent count to over 1,800. Lacework's technology has been recognized by industry analysts, including Gartner. The deal also adds experienced sales teams and engineers to Fortinet's workforce, strengthening its position in the cloud security market.
Fortinet (NASDAQ: FTNT), a leader in cybersecurity, announced that KDDI has integrated Fortinet's AI-enhanced Unified SASE solution into its new Global Managed SASE Service. This partnership aims to streamline complex hybrid networks for customers, offering secure remote access worldwide. KDDI’s Global SASE Platform Service by Fortinet will help manage security policies uniformly across different locations, utilizing KDDI's various network services. The service includes features like secure web gateways, zero-trust network access, and endpoint protection. This strategic collaboration aims to enhance user experience and security posture for hybrid work environments.
Fortinet (NASDAQ: FTNT) has been named a Challenger in the 2024 Gartner Magic Quadrant for Single-Vendor SASE for the second consecutive year. This recognition highlights Fortinet's commitment to technology innovation and customer satisfaction. The Unified SASE solution integrates advanced networking technologies, providing robust protection and connectivity. Key features include Secure Internet Access (SIA), Secure SaaS Access (SSA), and integration of SD-WAN and SASE. Fortinet's solution simplifies operations through vendor consolidation, offering a single operating system and AI-powered security services. The company continues to innovate with monthly updates and has a strong global presence with over 140 points of presence. Fortinet is also recognized as a leader in the 2023 Gartner Magic Quadrant for SD-WAN and a Challenger in the 2024 Gartner Magic Quadrant for Security Service Edge.
Fortinet (NASDAQ: FTNT), a leader in cybersecurity, announced it will discuss its Q2 2024 financial results on a conference call scheduled for August 6, 2024, at 1:30 p.m. PT (4:30 p.m. ET). The call will be broadcast live in listen-only mode on the company's investor relations website. Supplementary slides, prepared remarks from the CEO and CFO, and a replay of the call will be available on Fortinet's Quarterly Earnings page. Investors are advised to join the call at least 10 minutes before the event starts.
Fortinet's 2024 Global Cybersecurity Skills Gap Report highlights a critical shortage in cybersecurity skills, with nearly 90% of organizations attributing breaches to this gap and 70% recognizing increased risks. The report reveals severe repercussions, including fines and job losses for leaders, with over 50% of breaches costing more than $1 million. Boards are prioritizing cybersecurity, with 97% viewing it as a business imperative. Certifications are highly valued, though 70% find it hard to find certified candidates. Organizations are expanding hiring criteria, focusing on training and diversified recruitment. Fortinet aims to train 1 million people by 2026 and has already trained nearly half a million. The company promotes a three-pronged approach combining training, awareness, and technology to enhance cyber resilience.
Fortinet's 2024 State of Operational Technology and Cybersecurity Report reveals a significant increase in cyberattacks on Operational Technology (OT) systems. Nearly three-fourths (73%) of organizations reported an impact on OT systems this year, compared to 49% last year. Intrusions have risen dramatically, with 31% of organizations facing over six intrusions, up from 11% in 2023. Detection and response capabilities are lagging, with only 5% achieving complete visibility, down from 10%. Phishing and compromised business email are the most common intrusion methods. Executive responsibility for OT cybersecurity is also rising, with 60% of organizations planning to elevate OT security roles to C-suite levels. Fortinet recommends best practices including network segmentation, enhanced visibility, integrated security operations, and a platform-based security approach.
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