Fortinet projected its full-year revenue above Wall Street estimates, reinforcing its position as a leader in cybersecurity. The optimistic outlook, fueled by rising demand for cybersecurity solutions amid increasing online threats, sent the company’s shares surging 12% after the bell.

As digital scams and high-profile security breaches continue to pose risks to businesses, enterprise clients are intensifying their investments in AI-powered cybersecurity solutions. The rapid evolution of generative AI has further heightened the necessity for data security measures, providing a significant boost to firms like Fortinet. The advanced capabilities of AI-driven threats have made cybersecurity an even more critical component of digital operations.

Fortinet appears well-positioned to capitalize on the forthcoming industry-wide firewall refresh cycle, a strategic opportunity to retain existing customers, expand its reach, and acquire new clients. In a notable leadership shift, Fortinet announced in a regulatory filing that Chief Financial Officer Keith Jensen will retire from his position in May this year. Christiane Ohlgart, who has served as the company’s chief accounting officer since March of the previous year, will step into the role of CFO.

The cybersecurity firm projects its revenue for fiscal 2025 to range between $6.65 billion and $6.85 billion, surpassing analysts’ average estimate of $6.63 billion, as compiled by LSEG. Additionally, for the first quarter, Fortinet forecasts revenue between $1.50 billion and $1.56 billion, aligning closely with market expectations, with the midpoint matching analysts’ projection of $1.53 billion.

For the fourth quarter ending December 31, Fortinet reported revenue of $1.66 billion, surpassing Wall Street estimates of $1.59 billion. This robust performance underscores the growing reliance on advanced cybersecurity solutions in an increasingly digital and threat-prone landscape.