NEW YORK (TheStreet) -- FireEye (FEYE) is plummeting on Wednesday after releasing weak first-quarter guidance.
By midafternoon, shares had taken off 11.2% to $69.31. Year to date, the stock is up 58.8%.
The security software developer said it expects first-quarter revenue of $70 million to $72 million with a per-share loss between 51 cents and 56 cents a share. Analysts surveyed by Yahoo! Finance predicted a narrower loss of 37 cents a share and sales of $76.16 million.
For the fiscal 2014, FireEye reiterated revenue guidance between $400 million and $410 million, but forecast loss per share of $2 to $2.20, below consensus of a $1.42 a share loss.Full-year research and development expenses are expected between 36% and 39% of revenue, while sales and marketing expenses will total 82% to 85% of revenue. The Milpitas, Calif.-based company has been spending to expand beyond its traditional portfolio. In early January, FireEye purchased forensics specialists Mandiant Corporation for $1 billion. In the three months to December, the company recorded a quarterly loss of 35 cents a share and revenue 80.9% higher year over year to $57.3 million. FEYE data by YCharts
Must Read: FireEye Reports Financial Results For Fourth Quarter And Fiscal Year 2013 Must Read: Cyber Security Providers Prepare For New Wars
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