Categories Earnings, Technology

FireEye posts 8% jump in Q1 revenue

Cybersecurity company FireEye (FEYE) reported an 8% jump in first quarter revenue to $199 million, higher than the guidance range of $192 million to $197 million. The company’s billings, one of the key indicators for future growth, jumped 21% year-over-year to $175.1 million.

This improvement is significant as a slowdown in billings had troubled the company for many quarters. Billings narrowly beat the forecast of $165 million to $175 million.

However, following the earnings release, the FireEye stock fell 5.66% in after hours trading.

Net loss for the quarter narrowed to $0.39 per share, compared to $0.45 in the first quarter of 2017. On an adjusted basis, the company reported a loss of 4 cents a share during the quarter.

FireEye Q1 2018 Earnings

This improvement is significant as a slowdown in billings had troubled the company for many quarters. Billings narrowly beat the forecast of $165 million to $175 million.

“We also continued to drive innovation across our product portfolio, added new features and functionality, and updated our pricing and packaging,” said Kevin Mandia, CEO.

FireEye had introduced new business strategies in an attempt to revive its growth. It appears that the company is finally reaping benefits of its long-drawn transformation that included layoffs also.

The California-based firm predicts its 2018 sales to be around $820 million to $830 million, close to a 10% annual jump. Billings are expected to be in the range of $815 million to $835 million. The company expects its adjusted earnings to be around $0.00 to $0.04.

For the upcoming June quarter, the company expects revenue of $199 million to $203 million, billings of $180 million to $195 million and adjusted net income (loss) per share of $(0.03) to $0.00.

Most Popular

Context Therapeutics: Another clinical-stage oncology research firm to go public soon

The US primary markets seem to be having a record-breaking start to the year, with over $171 billion raised in the first half of 2021 compared to $168 billion for

Biogen (BIIB) Stock: Does FDA nod for Aduhelm offer a buying opportunity?

The pharmaceutical industry has been witnessing hectic activity for some time, with most drug makers either channelizing their resources for vaccine development or engaging in COVID care programs. Biotechnology giant

IPO News: Monte Rosa Therapeutics will go public this week, here are a few things to know

Biotechnology company Monte Rosa Therapeutics is slated to go public this week. In a pandemic-ridden world, this industry is expanding at a healthy pace. The global biotechnology market is estimated

Tags

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