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Fortinet Growing Network Security Business, Plans New Tech for 2018

October 30, 2017

Network security vendor Fortinet is continuing to grow its business, thanks to more than just its traditional network firewall market, according to CEO Ken Xie.

Fortinet reported third quarter fiscal 2017 financial results on Oct. 26, with revenue coming in at $374.2 million for an 18 percent year-over-year gain. Net income was reported at $26.6 million, up significantly from the $6.3 million in net income reported for the third quarter of fiscal 2016.

During his company’s earnings call, Xie noted that Fortinet is still a market leader in network security, which includes enterprise network firewalls and UTMs. Beyond that, Xie said that the Fortinet Security Fabric is also a driver of growth, providing an automated layer for enabling security across an a network. Additionally Fortinet is growing in the cloud, providing a security backbone to the service providers around the world that operate the majority of the public cloud infrastructure.

Xie is particularly enthusiastic about the opportunities for his company in the Internet of Things (IoT) and critical infrastructure space.