Aug 6 (Reuters) - Cybersecurity firm Fortinet ( FTNT )

raised its annual revenue forecast on Tuesday, as companies

spend more on safeguarding their digital assets and operations

against cyberattacks.

Shares of the company rose 8% in trading after the closing

bell.

The recent surge in data theft and hacking incidents, which

have grown more sophisticated as hackers use widely available

AI-powered tools to breach defenses and steal information, has

prompted governments and companies to invest in cybersecurity

solutions.

The spending by clients has resulted in strong demand for

cybersecurity software sold by Fortinet ( FTNT ) and rivals Palo Alto

Networks ( PANW ) and Crowdstrike Holdings ( CRWD ).

Earlier on Tuesday, Fortinet ( FTNT ) said it has acquired Next DLP,

an insider risk and data protection platform.

Last week, the company announced it has completed the

acquisition of Lacework, a cloud security and cloud-native

application protection platform. The acquisition will allow

Fortinet ( FTNT ) to provide a comprehensive, full-stack AI-driven cloud

security platform.

The cybersecurity firm sees revenue for fiscal year 2024

between $5.8 billion and $5.9 billion, up from its earlier

forecast of $5.75 billion to $5.85 billion. Analysts on average

expect $5.79 billion in revenue, according to LSEG data.

The company expects to generate revenue in the range of

$1.45 billion to $1.51 billion in the third quarter, while

analysts expect $1.47 billion.

Fortinet ( FTNT ) posted revenue of $1.43 billion for the

second-quarter ended June 30, in line with analysts' estimates.

Adjusted profit in the quarter came in at 57 cents per

share, compared to 38 cents per share a year ago.