Mimecast stock rallies as earnings, outlook top Street view

Mimecast Ltd. shares rose in the extended session Monday after the cybersecurity company's quarterly results and forecast topped Wall Street estimates. Mimecast shares surged 6.3% after hours, following a 1% rise to close the regular session at $42.82. The company reported fiscal third-quarter net income of $458,000, or 1 cent a share, compared with a loss of $2.6 million, or 5 cents a share, in the year-ago period. Adjusted earnings were 9 cents a share. Revenue rose to $87.6 million from $67.3 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 6 cents a share on revenue of $84.8 million. Mimecast expects revenue of $90.6 million to $91.5 million for the fourth quarter, and $338.7 million to $339.7 million for the year, while analysts had forecast revenue of $87.9 million for the fourth quarter and $333.2 million for the year. For fiscal 2020, Mimecast estimated revenue of $413 million to $427 million, while analysts expect $405.1 million.