When FireEye Inc. (NASDAQ: FEYE) reported its most recent quarterly results late on Tuesday, the cybersecurity company said that it had a net loss of $0.04 per share and $185.5 million in revenue. That compared with Thomson Reuters consensus estimates that called for a net loss of $0.12 per share and revenue of $176.43 million. The second quarter of last year reportedly had a net loss of $0.33 per share and $175.04 million in revenue.
During this quarter, billings decreased 12% year over year to $172.0 million, which was near the high end of the guidance range of $155 million to $175 million.
In terms of guidance for the third quarter, the company expects to see a net loss in the range of $0.06 to $0.09 per share on total revenues of $183 million to $189 million and billings in the range of $190 million to $205 million.
The consensus estimates are a net loss of $0.08 per share and $186.06 million in revenue.
Cash flow from operations was −$11.5 million, which was better than the guidance range of −$17 million to −$27 million. On the books, FireEye cash, cash equivalents and short-term investments totaled $870.8 million at the end of the quarter, down from $935.7 million at the end of the previous fiscal year.
Kevin Mandia, FireEye CEO, commented:
We executed well against our priorities in the second quarter, delivering billings, revenue, earnings per share and operating cash flow above expectations. 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. 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.
Shares of FireEye traded up almost 8% at $15.85 just after the opening bell on Wednesday. The consensus analyst price target is $15.16 and a 52-week trading range is $10.35 to $17.70.