FireEye (FEYE) Stock Plunges Today After Lower Revenue Forecast

NEW YORK (TheStreet) -- Shares of FireEye (FEYE) are down 18.07 to $28.06 in pre-market trading after the cyber security firm forecast quarterly revenue mostly below average analyst expectation as customers increasingly shifted to subscription-based products, away from on-premise equipment that brought in revenue upfront, Reuters reports.

The company said it expects revenue of $135 million to $147 million for the fourth quarter ending in December. Analysts on average were expecting $144.2 million, according to Thomson Reuters I/B/E/S.

FireEye now expects full-year revenue of $418 to $430 million, compared with its prior forecast of $423 to $430 million. Analysts were expecting $428.4 million.

 

FireEye's revenue rose 168% to $114.2 million for the third quarter ending in September, below analysts' estimate of $116 million.

Excluding items, the company reported a loss of 51 cents per share, better than the loss of 55 cents per share analysts had predicted.

The net loss attributable to shareholders widened to $120 million, or 83 cents per share from $50.9 million, or $1.61 per share, a year ago.

 FEYE Chart FEYE data by YCharts

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