Shares of FireEye (FEYE) rose 13.8% in after-hours on Tuesday after the company reported stronger-than-expected 2Q earnings. Its earnings of $0.09 per share improved from a loss of $0.01 in the year-ago quarter. Moreover, its EPS beat analysts’ expectations for a quarterly loss of $0.02 per share.
Revenues grew 6% to $229.9 million year-over-year and topped Street estimates of $214.8 billion. Solid demand for cybersecurity solutions amid the COVID-19 pandemic mainly drove the top line during the reported quarter.
“The steps we have taken to accelerate our transformation to a security-as-a-service company resulted in record second-quarter revenue and our highest ever non-GAAP profitability,” said FireEye CEO Kevin Mandia.
Overall, FEYE analysts have a cautiously optimistic Moderate Buy consensus on the stock. The average analyst price target stands at $14.88, implying 11.2% upside potential. (See FEYE stock analysis on TipRanks).