Fortinet shares jumped more than 6% today after it posted impressive first-quarter results that rode on the vendor’s firewall, SD-WAN and secure access service edge products.

The company reported first-quarter revenue growth at 32% year-over-year. Fortinet CEO Ken Xie said during an earnings call that he believes a “secure networking market can achieve double-digit growth annually for the foreseeable future.”

SD-WAN and OT bookings together accounted for 25% of Fortinet’s total bookings in the first quarter.

Fortinet’s billings rose 30% year-over-year to $1.5 billion, and service revenue rose 30% year-over-year to $761.6 million, leading the vendor to raise its revenue guidance for the full-year 2023.

CFO Keith Jensen highlighted the vendor’s “three key themes” it has focused on so far this year: The expanding firewall deployment environment, and the convergence and consolidation of network security vendors and products. “Today's rapidly evolving threat landscape and connectivity demands a comprehensive approach to firewalls and network security, including a combination of hardware, virtualized software and security services,” Jensen said.

Gartner predicts that by 2026, more than 60% of organizations will have more than one type of firewall deployment, which Jensen added “will prompt the adoption of hybrid mesh firewalls.”

According to Jensen, Fortinet is well positioned to capitalize on this expansion of firewall deployments and form factors, as the vendor “has been delivering hybrid mesh firewalls for years on a single operating system.”

As part of Fortinet’s networking and security convergence vision – and consequently its single-vendor SASE push – the vendor recently integrated FortiSASE with its centralized management solution FortiManager.

As Fortinet brings its single-vendor SASE to the market, Jensen said it will make various investments, including increasing points of presence (PoPs).

Xie said the company’s “universal SASE” platform supports a hybrid infrastructure and enables customers to access networking security features within the Fortinet platform delivered as a service, all within one console.

“In today's environment, organizations are looking to consolidate their multiple security vendors and functions that are deployed across your expanding attack surface to lower the total cost of ownership and management cost by improving visibility and automating real time threat detection and response,” Xie added. “As network and security continue to converge customers are looking to consolidate vendors and point products. We believe we are well positioned to achieve our 2025 billing target of $10 billion.”