Categories Earnings, LATEST, Technology
FireEye (NASDAQ: FEYE) posts wider loss in Q3 but beats estimates
FireEye (NASDAQ: FEYE) reported a wider loss in the third quarter of 2019 due to higher operating expenses despite a 7% jump in revenues. However, the results exceeded analysts’ expectations. Further, the cybersecurity provider raised its full-year 2019 revenue outlook.
Net loss was $65.5 million or $0.31 per share, wider than a loss of $50.04 million or $0.26 per share in the previous year quarter. Adjusted earnings dropped by 67% to $0.02 per share.
Total revenues grew by 7% to $226 million. This was above the guidance range of $217 million to $221 million. The acceleration of growth in its platform, cloud subscription, and managed services category drove billings higher by 13% to $249 million.
Looking ahead into the fourth quarter, the company expects revenue to be in the range of $224 million to $228 million and adjusted earnings of $0.03 to $0.05 per share. Billings are anticipated to be within the $285 million to $295 million range.
For the full year 2019, the company lifted its revenue outlook to the range of $878 million to $882 million from the prior range of $865 million to $875 million. Adjusted earnings guidance is narrowed to the range of $0.01 to $0.03 per share from the previous range of $0.00 to $0.04 per share. Billings forecast is tightened to the range of $937 million to $947 million from the prior range of $935 million to $955 million.
As the competition has been mounting in the cybersecurity space, FireEye is likely to leverage new partnerships and acquisitions for expanding its cloud portfolio and on-demand expertise. The company has been looking forward to business transformation as this could change its model towards a more subscription-oriented one.
The company has been keen on maintaining its cash position in par with its debt. The company has a total debt of $1.08 billion while its cash stood at $987 million. The company has enough liquidity to meet its debt obligations.
Most Popular
STZ Earnings Preview: Can Constellation Brands leverage growing beer sales?
Constellation Brands, Inc. (NYSE: STZ) has effectively navigated challenges like cautious consumer spending and declining demand for its wine and spirits brands by capitalizing on the sustained growth in the
What to look for when Lamb Weston (LW) reports its Q3 2025 earnings results
Shares of Lamb Weston Holdings, Inc. (NYSE: LW) stayed green on Friday. The stock has dropped 19% over the past three months. The French fry giant is slated to report
Walgreens Boots Alliance set to report Q2 earnings. Here’s what to expect
Walgreens Boots Alliance, Inc. (NASDAQ: WBA), a market leader in health and wellness services, is preparing to report second-quarter results, with market watchers forecasting a mixed outcome. As part of
