Earnings Review and Free Research Report: FireEye Announced Better Q2 Results, Beating its Own Earnings Estimates
Research Desk Line-up: Twilio Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 18, 2017 /Pro-Trader Daily has just published a free post-earnings coverage on FireEye, Inc. (NASDAQ: FEYE), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=FEYE, following the Company's posting of its Q2 FY17 on August 01, 2017. The cyber security Company's revenue grew 5.95%; operating loss narrowed, while diluted net loss per common share also reduced on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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FireEye reported revenues of $185.47 million in Q2 FY17 compared to $175.04 million in the same quarter of FY16; registering a rise of 5.95% y-o-y. The Company made a gross profit of $118.78 million in the second quarter of FY17 against $107.61 million in Q2 FY16; an increase of 10.38% y-o-y.
The operating loss made by FireEye was $59.43 million in Q2 FY17 against a loss of $127.51 million in Q2 FY16, thereby reducing the loss made by 53.39% on a y-o-y basis.
Net loss made by FireEye attributable to its stockholders in Q2 FY17 was $70.73 million compared to loss of $139.32 million in Q2 FY16; registering a reduction in loss of 49.23% y-o-y. The Company clocked a non-GAAP operating margin of negative 3% in Q2 FY17 compared to negative 20% in the corresponding quarter last fiscal year.
FireEye reported diluted net loss per common share of $0.40 in Q2 FY17 versus $0.86 in Q2 FY16, thereby reducing loss per share by 53.49% y-o-y. However, non-GAAP net loss per share (basic and diluted) was $0.04 for Q2 FY17 compared to $0.33 in Q2 FY16.
The non-GAAP loss per share for FireEye for Q2 FY17 was significantly lower than the Company management's loss guidance of $0.10 to $0.14.
FireEye's Segment Information
The product billings and product subscription billings in Q2 FY17 were $106.07 million compared to a value of $128.15 million in the corresponding quarter last fiscal year, marking a reduction of 17.22% y-o-y. The support and maintenance billings for the Company were $28.29 million for Q2 FY17 versus $36.72 million for Q2 FY16; registering a reduction of 22.93% y-o-y. The billing for FireEye's professional services stood at $37.65 million for Q2 FY17 compared to $31.54 million in Q2 FY16; a rise of 19.37% y-o-y.
Revenues generated by the Company in its product and product subscription segment were $117.54 million in Q2 FY17 compared to $117.12 million in Q2 FY16; registering a marginal growth of 0.36% y-o-y. In the support and maintenance segment, FireEye generated revenues of $34.19 million in second quarter of FY17 against $29.67 million in the corresponding quarter of the last fiscal year; a growth of 15.23% y-o-y. Revenues generated by the Company from its professional services segment were $33.74 million for Q2 FY17 versus $28.25 million in Q2 FY16; a growth of 19.43% y-o-y.
FireEye used $28.42 million in net cash to fund its operating activities in H1 2017 compared to $35.65 million in H1 2016. The Company used $23.23 million in net cash to invest in activities during H1 2017 compared to $191.51 million in H1 of last year. The net change in cash and cash equivalents for H1 2017 was negative $69.23 compared to negative $218.11 million in H1 2016. The cash and cash equivalents at the end of H1 2017 were $154.44 compared to $183.99 in H1 2016.
For the third quarter of FY17, FireEye expected that total revenue to be in the range of $183 million to $189 million based on billings expected to be in the range of $190 million to $205 million. The Company also expects its non-GAAP gross margin to be around 73% and the non-GAAP operating margin to be around negative 4% to negative 6%. Non-GAAP net loss per share is expected to be between $0.06 and $0.09 based on an expected positive cash flow from operations of $1 million to $10 million.
For the entire year of 2017, FireEye's guidance on revenue is in the range of $734 million to $746 million, based on its billings expected to be in the range of $745 million to $775 million. FireEye expects non-GAAP net loss per share to be in the range $0.19 to $0.24 and a positive cash flow from operations to be in the range of $1 million to $10 million.
The Company also expects positive non-GAAP operating income in the fourth quarter of 2017.
On Thursday, August 17, 2017, the stock closed the trading session at $13.99, marginally down 0.50% from its previous closing price of $14.06. A total volume of 4.00 million shares have exchanged hands. FireEye's stock price surged 23.26% in the past six months. Furthermore, since the start of the year, shares of the Company have rallied 17.56%. At Thursday's closing price, the stock's net capitalization stands at $2.53 billion.
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