Cyber security company Mimecast Ltd. (MIME) rose sharply on Tuesday after releasing its quarterly earnings and naming a new chief financial officer.
The Massachusetts-based technology company posted fiscal third-quarter adjusted earnings per share of 9 cents, beating expectations and topping the previous year's quarter by 6 cents. Total adjusted net income for the third quarter hit $5.9 million.
Helping fuel the growth during the quarter was the addition of 1,000 new customers, said the company.
"The strong execution from our global go to market, product and customer service teams resulted in another strong quarter of new customer acquisitions," said Peter Bauer, Mimecast's chief executive, in a statement, noting that more costumers are staying longer and using more of the company's products.
Mimecast has also tapped a new chief financial officer, Rafe Brown, who was previously an executive at SevOne Inc. and Pegasystems Inc.
Both announcements came at the market's close on Monday.
In the earnings report, Mimecast also revealed un-adjusted third-quarter revenue of $87.6 million, up 30% from the same time last quarter.
For next quarter, the company forecasts revenue of up to $91.5 million, expecting to close fiscal 2019 with total revenue of up to $339.7 million. Higher growth is predicted for full fiscal 2020 when total revenue could reach as high as $427 million.
Shares ended the day up 13.7% at $48.69.