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FireEye Inc. reported third-quarter earnings late Tuesday that topped Wall Street estimates and the cybersecurity company expects in-line or better results for the current quarter.
FireEye
FEYE, +2.68%
reported a third-quarter loss of $50 million, or 26 cents a share, compared with $69.2 million, or 39 cents a share, in the year-ago period. Adjusted earnings were 6 cents a share. Revenue rose to $211.7 million from $197.4 million in the year ago period, while billings rose 8% to $219 million from the year ago period.
Analysts surveyed by FactSet had forecast earnings of 2 cents a share on revenue of $208.4 million, and billings of $215.2 million.
For the fourth quarter, FireEye forecast adjusted earnings of 4 cents to 6 cents a share on revenue of $214 million to $218 million, along with billings of $245 million to $255 million. Wall Street, on average, expects adjusted earnings of 4 cents a share on revenue of $216.6 million and billings of $250.8 million.
Shares in the company gained about 5% immediately following the report. The stock has increased 18.7% so far this year, as the S&P 500 index
SPX, +1.57%
has declined 1.2%.
“We have a diversified portfolio,” FireEye Chief Executive Kevin Mandia told MarketWatch in an interview ahead of the report’s release Tuesday. “When we look across, we have six different ways we make money at the highest level of abstraction.”
“As we pivot this company from where we were three years ago as primarily an appliance company to a software and security company, we’re seeing the net new products growing at a rate that’s starting to overcome the deceleration of the appliance sales over the past.”
Mandia said the company achieved record revenue for services — including things like threat intelligence, email security, endpoint security network security — at $36 million for the quarter. Analysts had forecast services revenue of $36.7 million.
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