Fortinet raises annual revenue forecast, shares surge (updated)
06/05/2026 21:24
Adds CEO comment in paragraph 3, context in paragraph 4 May 6 - Fortinet FTNT.O raised its full-year forecasts on Wednesday, signaling robust demand for cybersecurity tools as businesses prioritize protection from sophisticated threats, sending its shares surging 17% in extended trading. Cybersecurity spending has remained resilient, underpinned by threats from nation-state actors and increasingly sophisticated ransomware attacks, benefiting companies such as Fortinet. The company saw "broad-based demand across our portfolio and geographies," said CEO Ken Xie, noting an "increasingly complex threat environment that is being intensified by AI." Cybersecurity firm F5 FFIV.O raised its annual revenue growth forecast, while Check Point Software Technologies CHKP.O reported a higher-than-expected 13% rise in quarterly profit in late April. Analysts have highlighted vendor consolidation as a major trend, benefiting companies like Fortinet whose broad, integrated platform spanning network, cloud and endpoint security helps customers simplify architecture and cut costs. The cybersecurity firm expects full-year revenue to range between $7.71 billion and $7.87 billion, compared with its earlier projection of $7.50 billion to $7.70 billion. Fortinet forecast an annual adjusted profit per share in the range of $3.10 to $3.16, above its earlier forecast of $2.94 to $3. It projected second-quarter revenue between $1.83 billion and $1.93 billion, above analysts' estimates of $1.82 billion, according to data compiled by LSEG. For the first quarter ended March 31, Fortinet reported revenue of $1.85 billion, beating an estimate of $1.73 billion. (Reporting by Juby Babu in Mexico City; Editing by Sahal Muhammed) ((Juby.Babu@thomsonreuters.com))