FireEye Inc. shares slipped in the extended session Tuesday after the cybersecurity company said it was laying off staff and forecast an outlook that fell short of Wall Street expectations. FireEye shares fell 5% after hours, following a 0.9% decline in the regular session to close at $11.42. FireEye expects an adjusted loss of 3 cents to a penny a share on revenue of $213 million to $217 million for the second quarter, and adjusted earnings of 3 cents to 7 cents a share on revenue of $880 million to $900 million for the year. Analysts had forecast earnings of 2 cents a share on revenue of $222.8 million for the second quarter, and 16 cents a share on revenue of $918.8 million for the year. In a statement, FireEye also said it was laying off about 6% of its workforce "to more closely align expenses to the company's projected revenue, position the company for improved operating performance, and allow the company to increase investment in the growth areas of the business." The company reported a first-quarter loss of $76.3 million, or 35 cents a share, compared with a loss of $75.4 million, or 38 cents a share, in the year-ago period. The adjusted loss was 2 cents a share. Revenue rose to $224.7 million from $210.5 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 4 cents a share on revenue of $221.3 million.
Q1 2020 FireEye Inc Earnings Call
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FEYE earnings call for the period ending March 31, 2020.
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While the broader stock market has recovered to some extent after the novel coronavirus (COVID-19) pandemic crushed investor confidence back in March, FireEye (NASDAQ: FEYE) continues to languish thanks to concerns about the company's growth and competitiveness. FireEye's fiscal first-quarter results contained a big red flag, as billings fell 7% year over year to $170 million. The novel coronavirus outbreak shaved off $10 million to $15 million from FireEye's first-quarter billings and forced the company to withdraw its annual billings guidance.
The cybersecurity specialist's shift to growth areas is materializing, but significant challenges remain.
NEW YORK, NY / ACCESSWIRE / April 28, 2020 / FireEye, Inc. (NASDAQ:FEYE) will be discussing their earnings results in their 2020 First Quarter Earnings call to be held on April 28, 2020 at 5:00 PM Eastern ...
FireEye announces financial results for Q1, ended March 31, 2020.
Zacks.com featured highlights include: JAKKS, Avinger, Energous, FireEye and Proteostasis
FireEye's (NASDAQ: FEYE) stock tumbled more than 70% over the past five years as the cybersecurity company's growth slowed to a crawl. However, contrarian investors might still consider FireEye a deep value play, since the stock trades at roughly half its IPO price of $20 and just over two times its annual revenue.
Five FireEye employees have been recognized by CRN for their leadership in the channel.
FireEye (FEYE) delivered earnings and revenue surprises of 50.00% and 1.93%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?