Fortinet Stock Price, News & Analysis

Fortinet (FTNT) reported strong financial results for Q4 and full year 2022, with total revenue reaching $4.42 billion, up 32% year-over-year. Product revenue surged 43% to $540.1 million in Q4, while service revenue increased 27% to $742.9 million. GAAP net income for 2022 was $857.3 million, marking the 14th consecutive year of profitability since the company's IPO in 2009. Cash flow from operations stood at $1.73 billion, with free cash flow hitting a record $1.45 billion. For Q1 2023, Fortinet expects revenue between $1.180 billion and $1.220 billion, with diluted non-GAAP EPS projected at $0.27 to $0.29.

Fortinet (NASDAQ: FTNT) has launched FortiSP5, its fifth-generation security processing unit, aimed at enhancing cybersecurity through unprecedented power-efficient performance. The new chip delivers up to 17x faster firewall performance and 88% less power consumption compared to standard CPUs. FortiSP5 supports multiple applications simultaneously, significantly improving network security without sacrificing efficiency. This advancement is underpinned by over 20 years of ASIC technology investment. Fortinet's commitment to sustainability is also highlighted, as its facilities aim for carbon neutrality by 2030.

Fortinet (NASDAQ: FTNT) announced the inaugural Fortinet Girls Invitational, scheduled for February 17-20, 2023, at Stanford University’s Golf Course. This event aims to enhance opportunities for women in golf, from AJGA amateurs to LPGA champions, aligning with Fortinet's commitment to diversity and inclusion. The company, serving as the Official Diversity & Inclusion/STEM Education Partner for the AJGA, also provides resources and training for women pursuing careers in cybersecurity through the Fortinet Training Institute. Fortinet is addressing the cybersecurity workforce shortage, where women represent only 24% of the industry, by promoting initiatives that support their career development.

Fortinet (NASDAQ: FTNT) announced new security operations center (SOC) augmentation services aimed at addressing the global cybersecurity skills gap. With 50% of leaders citing SOC roles as challenging to fill and 80% of organizations suffering breaches due to skill shortages, these initiatives are crucial for enhancing cyber resiliency. The new services, including SOC-as-a-Service and an Outbreak Detection Service, leverage AI and machine learning to streamline alert management. Additionally, the Fortinet Training Institute is expanding access to cybersecurity training to develop the workforce of the future.

Fortinet (NASDAQ: FTNT) will engage cybersecurity and golf leaders at the AT&T Pebble Beach Pro-Am from February 2-5, 2023. This event aims to foster discussions among customers and partners about innovative security solutions and technology advancements. The initiative builds on the recent success of the Fortinet Security Summit and emphasizes Fortinet's commitment to connecting industry leaders. Key figures like CEO Ken Xie will participate, enhancing the company's visibility and influence in the cybersecurity landscape as they prepare for the Fortinet Championship in September.

Fortinet (NASDAQ: FTNT) will host a conference call on February 7, 2023, at 1:30 PM PT to discuss its Q4 2022 financial results. The call will be accessible via Fortinet's investor relations website. The prepared remarks, slides, and replay will also be available subsequently. Fortinet is recognized for its comprehensive cybersecurity solutions and serves over 615,000 customers globally, securing critical devices and data. The Fortinet Security Fabric platform offers broad protections across various digital environments.

Fortinet (NASDAQ: FTNT) has been named a Visionary in the 2022 Gartner Magic Quadrant for Enterprise Wired and Wireless LAN Infrastructure for the third consecutive year. This recognition underscores the strengths of its Wired and Wireless LAN portfolio, which integrates networking and security to enhance digital transformation while reducing cyber risks. Fortinet's solutions deliver significant cost savings by bundling features into its FortiGate platform, ensuring simplified management and robust security.

Fortinet (NASDAQ: FTNT) has been recognized as a Leader in the 2022 Gartner Magic Quadrant for Network Firewalls, marking its thirteenth accolade in this category. The company achieved the highest scores in Ability to Execute and Completeness of Vision. FortiGate Next-Generation Firewalls (NGFWs) are highlighted for their superior ROI and AI/ML-powered security features. The press release emphasizes Fortinet's commitment to innovation, which is supported by over two decades of organic development in ASIC technology and FortiOS.