FireEye posts upbeat Q3 results, lifts 2018 outlook

FireEye (FEYE) reported a narrower loss in the third quarter helped by lower operating expenses as well as higher revenue. The results exceeded analysts’ expectations. Shares of the cybersecurity company rose over 2% in the after-market session.

Net loss attributable to common stockholders narrowed to $50 million or $0.26 per share from $69.2 million or $0.39 per share a year ago. Non-GAAP results turned to a profit of $0.06 per share from a loss of $0.02 per share.

Revenue increased 7% to $212 million. The top line growth was broad-based across all geographies and product families. The company has returned to sustainable growth while rising profitability and cash flow. FireEye has accelerated innovation across its portfolio of products and services.

The company’s billings, one of the key indicators for future growth, jumped 8% year-over-year to $219 million. This is the third time billings has risen after a slowdown that troubled the company for many quarters. Billings were at the high end of the guidance range of $210 million to $220 million.

FireEye quarterly results beat estimates

Looking ahead into the fourth quarter, the company predicts total revenue in the range of $214 million to $218 million, billings of $245 million to $255 million, and non-GAAP EPS in the range of $0.04 to 0.06.

For the full year 2018, the company lifted revenue outlook to a range of $827 million to $831 million from the prior range of $820 million to $830 million and its non-GAAP EPS guidance to a range of $0.06 to $0.08 from the previous estimate of $0.00 to $0.04. Billings forecast was narrowed to a range of $835 million to $845 million from the earlier range of $825 million to $845 million.

Shares of FireEye ended Tuesday’s regular trading session up 2.68% at $16.85 on the Nasdaq. The stock has risen over 17% so far this year while dropping over 1% in the past year.

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