When FireEye Inc. (NASDAQ: FEYE) reported its most recent quarterly results after the markets closed on Tuesday, the cybersecurity firm posted $0.06 in earnings per share (EPS) and $211.7 million in revenue. Consensus estimates had called for $0.02 in EPS and $208.4 million in revenue, and the third quarter of last year reportedly had a net loss of $0.02 per share and $197.37 million in revenue.
During the latest quarter, billings increased 8% to $219 million year over year, while third-quarter annual recurring revenue increased 10% to $538 million.
Operating cash flow increased 75% and free cash flow increased 197% from the third quarter of 2017, and the firm is on track to meet its objective of positive free cash flow in 2018. On the books, FireEye cash, cash equivalents and short-term investments totaled $1.09 billion at the end of the quarter, up from $896.8 million at the end of the previous fiscal year.
Looking ahead to the fourth quarter, the company expects to see EPS in the range of $0.04 to $0.06 and revenue between $214 million and $218 million. Consensus estimates call for $0.04 in EPS and $216.56 million in revenue.
Kevin Mandia, FireEye’s CEO, commented:
We have made tremendous strides in improving productivity and efficiency. 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.
Shares of FireEye traded up more than 11% early Wednesday to $18.79, in a 52-week range of $13.40 to $19.36. The consensus price target is $19.48.