The cybersecurity company’s revenue increased by 6 percent compared to the second quarter in 2016.
Following the release of cybersecurity giant FireEye (NASDAQ:FEYE)’s Q2 2017 financial results on Tuesday (August 1), where the company reported “better than expected revenue,” its share price moved up in what some are calling a “rebound on Wall Street.”
After trading hours on Tuesday, shares of FireEye had climbed 6.19 percent to $15.60 as of 5:00 p.m. EST, representing an increase of $0.91 from its price of $14.69 at Tuesday’s close.
During the second quarter, FireEye reported revenue of $185.5 million–a six percent increase for the same quarter from 2016.
As highlighted in FireEye’s press release, the company beat its expectations for the quarter and looks to focus on new opportunities with its Helix platform in the second half of the year.
“We have made great progress rationalizing our cost structure, and reduced our operating losses by more than $100 million in the first six months of the year compared to the first six months of 2016,” Kevin Mandia, CEO of FireEye said in the release. “As we look forward to the second half of 2017, we are focused on new opportunities to expand our customer base with our Helix platform, our next generation endpoint protection, and innovations in our network and email security solutions.”
In a conference call with investors on Tuesday, Mandia elaborated on the company’s Q2 performance. “We did what we said we would do,” he said, stating that the company exceeded expectations and that its operating losses were reduced by $43.7 million year-on-year.
Mandia attributed much of the company’s Q2 success to its Helix platform, which was introduced in late Q1.
Some features of the Helix platform include: high fidelity detection–meaning it can detect threats others miss with network-to-endpoint MVX-driven detection; detecting, enriching, exploring and learning about new intelligence on cyberthreats; and discovering non-malware based threats by exposing hidden patterns in data.
“I believe [Helix] is the future of security,” Mandia continued. “We’re in the fight when you’re in the fight.”
According to Mandia, cybersecurity is “one of the few areas in software that has not been transformed by automation, stating FireEye “plans to change this.”
Looking ahead to the rest of the year, Frank Verdecanna, CFO of FireEye, said that the company is “positioned to exit the year in Q4 with year-over-year growth.” For Q3, Verdecanna expects revenue for the company to be between $190 and $250 million, while sales are projected between $183 and $189 million.
Overall, the company expects its yearly revenue to be in the $734 and $746 million range.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.