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.

FireEye (NASDAQ: FEYE) Q3 2019 Earnings Review

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.

Read: Zendesk Q3 earnings snapshot

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.

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.

Most Popular

Earnings calendar for the week of March 8

On the heels of lawmakers moving closer to passing the stimulus bill, inflations concerns gripped the market after Federal Reserve chief Jerome Powell at a meeting said the reopening would

Why Costco’s (COST) growth prospects might depend on beating costs, digital lag

Though the retail boom triggered by the pandemic was estimated to be short-lived initially, the shopping spree continued as customers stocked up on essential items, concerned about the persistent market

Gap (GPS) hopes to see a favorable recovery by the second half of 2021

Shares of Gap Inc. (NYSE: GPS) were up 5.8% in afternoon hours on Friday. The stock has gained 103% over the past 12 months. Gap reported mixed results for the

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top