FireEye Revenue Jumps 150%

Earnings Reuters

Cybersecurity company FireEye Inc's (FEYE) quarterly revenue beat market estimates as governments and businesses ramped up spending to protect their networks from increasingly sophisticated attacks.

Continue Reading Below

FireEye shares were up 6.5 percent at $38 in extended trading on Wednesday.

Recent cyber attacks, such as those on Home Depot Inc and Sony Corp, have resulted in the loss of huge amounts of personal information and card data.

The cybersecurity market is estimated to grow to $155.74 billion by 2019 from $95.60 billion in 2014, according to market research firm MarketsandMarkets. (http://bit.ly/15EACGR)

FireEye forecast an adjusted loss of 49-53 cents per share and revenue of $118 million-$122 million for the first quarter ending March.

Analysts on average were expecting a loss of 53 cents per share on revenue of $121.1 million, according to Thomson Reuters I/B/E/S.

Continue Reading Below

The company's revenue soared 150 percent to $143 million in the fourth quarter ended Dec. 31, above average estimate of $141.4 million.

Net loss attributable to shareholders widened to $105.7 million, or 72 cents per share, from $2.5 million, or 2 cents per share, a year earlier.

Excluding items, the company reported a loss of 38 cents per share, lower than the 49 cents analysts expected.

(Reporting by Abhirup Roy in Bengaluru; Editing by Joyjeet Das)