FireEye Q2 results: CFO to move on and share price dips

31 Jul 2015

FireEye CEO, Dave DeWalt and COO, Kevin Mandia pose in front of the Nasdaq building. Image via FireEye/Facebook

It has not been a particularly good quarter for cybersecurity firm FireEye, following the publication of its Q2 results, with its slowest revenue growth ever, and its CFO promising to step down.

The FireEye Q2 results posted online would initially appear to be quite positive, with the company declaring record sales for its cybersecurity software and services totalling US$147.2m, marking an increase of 56pc in Q2 2014.

However, this would contrast with the company’s success to date, which has seen it post revenue growth of 90pc per quarter since the start-up went public in 2013.

According to Reuters, the company has still surpassed market analysts’ predictions — which had predicted that the company’s revenues would be US$143.2m.

In terms of the company’s share price, FireEye’s stock appears to have slumped somewhat, falling 6.5pc to US$44.64 per share following the publication of its Q2 results.

This saw FireEye lose US$0.41 per share, which is once again slightly better than the analyst predictions, which had given a figure of US$0.48 per share.

CFO to step down

Perhaps the biggest news to come from the FireEye Q2 results, however, was the announcement that the company’s CFO, Michael Sheridan, would be stepping down following four years in the post.

FireEye said that he has accepted another CFO posting outside of the industry with FireEye’s VP of finance, Frank Verdecanna, to step in as interim CFO.

This, FireEye’s CEO David DeWalt said, has played a part in the company’s dip in its share price.

FireEye has now raised its full-year revenue forecast for the second time in a year to range between US$630m and US$645m, up from between US$615m and US$635m announced during its last quarter.

Colm Gorey was a senior journalist with Silicon Republic