Cybersecurity company FireEye Inc. (NASDAQ:$FEYE) reported their quarterly financial results today. And to everyone’s surprise, the results beat expectations. Not only that, the Milpitas, California-based company increased its projections for the rest of 2017.
Let’s dive into the numbers!
For the second quarter, FireEye posted a loss of $70.7 million (40 cents a share) on revenue of $185.5 million. This marks a sales gain of 6% from the same quarter in 2016. Additionally, FireEye claimed an adjusted loss of 4 cents a share, which is narrower than the adjusted loss of 33 cents a share recorded in 2016.
Needless to say, these results beat FireEye’s own forecast and analysts’ expectations. On average, analysts had forecast an adjusted loss of 12 cents a share on sales of $176.4 million, according to FactSet. Further, FireEye had predicted a loss of 10-14 cents a share on sales of $173 million to $179 million. Thanks to the beat, the security-software company increased its 2017 forecast to be between the range of $734 million to $746 million. Before, the company was working towards annual sales of $724 million to $736 million.
In addition, FireEye reported billings – which is a metric that reflects contracts signed for future business – of $172 million. The company had forecasted that billings would be between $155 million to $175 million, while analysts had expected $167.7 million, according to FactSet.
Billings would be between $155 million to $175 million, while analysts had expected $167.7 million, according to FactSet.
For the third quarter, FireEye expects sales of $183 million to $189 million, an adjusted loss of 6 cents to 9 cents a share, and billings in between the range of $190 million to $205 million.
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