By Wallace Witkowski, MarketWatch
FireEye Inc. shares rallied in the extended session Tuesday after the cybersecurity company’s quarterly results and outlook topped Wall Street estimates as demand for services remained high during the COVID-19 pandemic.
FireEye /zigman2/quotes/204730283/composite FEYE -2.14% shares rallied 7% after hours, following a 1.2% rise in the regular session to close at $13.38. The stock was up 11.7% premarket Wednesday.
The company reported a second-quarter net loss of $53.3 million, or 24 cents a share, compared with a loss of $67.3 million, or 33 cents a share, in the year-ago period. Excluding items like stock-based compensation, earnings were 9 cents a share, compared with a loss of a penny a share in the year-ago quarter.
Revenue rose to $229.9 million from $217.6 million in the year-ago quarter. The company’s adjusted earnings came in at an all-time high, while revenue was a record high for the second quarter, FireEye said.
Analysts surveyed by FactSet had forecast a loss of 2 cents a share on revenue of $214.8 million.
“The steps we have taken to accelerate our transformation to a security-as-a-service company resulted in record second quarter revenue and our highest ever non-GAAP profitability,” FireEye Chief Executive Kevin Mandia said in a prepared statement.
FireEye expects adjusted earnings of 6 cents to 8 cents a share on revenue of $225 million to $229 million in the third quarter, while analysts had forecast earnings of 2 cents a share on revenue of $220.3 million.
For the year, the company forecast adjusted earnings of 22 cents to 26 cents a share on revenue of $905 million to $925 million, while analysts on average had expected 5 cents a share on revenue of $889.4 million.