1 min Security

Fortinet posts revenue growth of 30 percent

Fortinet posts revenue growth of 30 percent

Fortinet posted a 33 percent revenue increase in the third quarter. Sales totalled €1.17 billion ($1.15 billion). Both products and services grew.

Fortinet presented revenue of €1.17 billion in the third quarterly report of 2022. In the same quarter last year, revenue was still at $887 million. According to Fortinet, the rise was caused by a rapidly expanding threat landscape. The growing integration of security and network environments played a role.

Segment results

When looking at the revenue from market segments, Fortinet indicates that the services sector scored the highest ($682 million), a growth of 28 percent compared to the same period last year. Revenue from the products division grew the fastest, rising 39 percent to a total of $468 million.

Expectations for the fourth quarter of this year are positive, Fortinet said. The organization expects total revenue of between $1.275 billion and $1.315 billion. Revenue should be around $4.5 billion for all of 2022.

Tip: Modern organizations can no longer do without a security fabric