What FireEye’s Record Quarter Means in the Age of COVID-19

By Chris Lange Published Jul 29, 11:30AM EDT

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What FireEye’s Record Quarter Means in the Age of COVID-19 — © kanawatvector / Getty Images

FireEye Inc. (NASDAQ: FEYE) released its most recent quarterly results after the markets closed on Tuesday. This cybersecurity firm saw record numbers this quarter as COVID-19 has placed much more emphasis on the industry.

The company reported record numbers on both the top and bottom lines. FireEye said that it had $0.09 in earnings per share (EPS) and $230 million in revenue. Analysts were calling for a net loss of $0.02 per share on revenues of $214.8 million. The second quarter of last year reportedly had a net loss of $0.01 per share on $218 million in revenue.

At the same time, the company notched an all-time record annualized recurring revenue of $598 million, an increase of 8% compared to the end of the second quarter of 2019.

FireEye saw a continued shift to cloud-based solutions as Platform, cloud subscription and managed services annualized recurring revenue increased 27% to $302.23 million. This eclipsed Product and related subscription and support annualized recurring revenue for the first time, which came in at $295.85 million.

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In terms of the quarterly numbers, Product subscription and support revenues came in at $177.3 million and Professional services revenues were $52.6 million.

Looking ahead to the third quarter, FireEye expects to see EPS in the range of $0.06 to $0.08 and revenue between $225 million and $229 million. Consensus estimates are calling for $0.02 in EPS and $220.11 million in revenue.

For the full year, the company anticipates EPS of $0.22 to $0.26 and revenue of $905 million to $925 million. Analysts anticipate $0.05 in EPS and $889.87 million in revenue.

FireEye traded up over 14% on Wednesday to $15.31, in a 52-week range of $7.54 to $18.34. The consensus price target is $13.87.

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About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.