FireEye, Inc. (NASDAQ: FEYE) on Tuesday announced third quarter financial results that topped analysts’ estimates, sending its shares up over 10%.
The cybersecurity company said revenue increased 7% to USD 212 Million in the third quarter ended September 30, 2018. Non-GAAP net income per share was 26 cents in the third quarter, compared to a n net loss per share of 2 cents in the third quarter of 2017. Third=quarter billings increased 8% to USD 219 Million in the third quarter of 2017.
Analysts had projected a profit of 4 cents per share on revenue of USD 216.6 Million.
The better-than-expected was driven by its shift to a subscription-based model and lower costs.
For the fourth quarter, the California-based Company total revenue in the range of USD 214 Million to USD 218 Million. For 2018, FireEye expected revenue to be in the range of USD 827 Million to USD 831 Million.
FireEye share jumped 11% to $18.71 per share during Wednesday trading session. Including today’s gains, the stock was up over 32% this year.
“We have made tremendous strides in improving productivity and efficiency," said Kevin Mandia, FireEye chief executive officer. “We have returned FireEye to sustainable growth while increasing profitability and cash flow. At the same time, we have accelerated innovation across our portfolio of product and services. With our expertise and intelligence driving a continuous innovation cycle, this is an exciting time to be at FireEye.”