Fortinet : Ken Xie Talks about Business Momentum, Customer Trends, and Sustainability

Fortinet is at the forefront of dynamic changes in cybersecurity and networking as an industry leader for over 20 years. Fortinet's founder, Chairman of the Board, and CEO, Ken Xie offers his perspective on important industry trends, business momentum, and how Fortinet is helping customers achieve their sustainability goals.

Can you provide a brief overview of Fortinet's recent quarterly results for Q3 2022?

Ken: Revenue for the quarter grew 33%, significantly outpacing the industry growth rate. Product revenue growth was very strong at 39%, extending our position as a product revenue leader in the cybersecurity industry. Our product revenue performance reflects the strong demand we've built over the past 18 months across our security solutions along with the successful execution of our teams in managing the supply chain. In the quarter, SD-WAN and OT bookings grew over 45% and 75%, respectively, and together accounted for over 25% of total bookings. We believe we can achieve #1 market share in SD-WAN in the next couple of years.

What are the main growth drivers for Fortinet's business?

Ken: Fortinet's future growth will be driven by the convergence of networking and security, the industry trend of vendor and product consolidation, the elevated threat environment, and a greater focus on offering services for existing and new customers. In addition, customer recognition of the value provided by our high performance FortiASIC technology and integrated FortiOS operating system is driving our ability to take cybersecurity market share. For example, Fortinet continues to gain Secure SD-WAN market share as our Secure SD-WAN solution delivers better security, performance and efficiencies over more traditional offerings.