Cybersecurity stocks including FireEye Inc FEYE, CrowdStrike Holdings Inc CRWD and Zscaler Inc ZS are trading lower Friday after FireEye reported worse-than-expected second-quarter financial results.
FireEye reported quarterly earnings of 9 cents per share, which was inline with estimates. The company reported quarterly revenue of $248 million, which came in below the estimate of $248.98 million.
FireEye said it expects revenue in the third quarter to be in a range of $118 million to $122 million.
The company noted that it repurchased $68 million in common stock during the second quarter.
“With the elevated threat environment, organizations are increasingly turning to Mandiant to proactively assess whether they are prepared and protected before a breach occurs,” said Kevin Mandia, CEO of FireEye.
Following the earnings report, Baird analyst Jonathan Ruykhaver downgraded FireEye from Outperform to Neutral and lowered the price target from $24 to $20.
Price Action: At last check Friday, FireEye was down 15.80% at $16.92, CrowdStrike was down 3.14% at $257.29 and Zscaler was down 3.12% at $239.94.
Photo by Pete Linforth from Pixabay.
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