NEW YORK (TheStreet) -- FireEye (FEYE) shares are up 6.13% to $43.83 in afternoon trading on Friday after the cybersecurity firm raised its revenue forecast after the closing bell yesterday on the expectation that businesses and governments will increase their security budgets amid rising concerns of cyber attacks.
FireEye now expects revenue for the year to be between $615 million and $635 million versus its previous view between $605 million and $625 million.
"The marketplace for cybersecurity is white hot, the needs for our FireEye and Mandiant solutions are white hot," CEO David DeWalt told Reuters.
The increased outlook was part of the release of the company's first quarter earnings results after the closing bell yesterday. The company reported losing 46 cents per share during the quarter on revenue that jumped 69.5% to $125.4.
Analysts were expecting the company to report a net loss of 51 cents per share on revenue of $120.6 million.
TheStreet Ratings team rates FIREEYE INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate FIREEYE INC (FEYE) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."