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FireEye stock to start higher after cyber security firm banked first quarterly profit

"We are building FireEye for the long-term, and we begin 2018 with a solid foundation for future growth and increased profitability"
cyber security
FireEye shares were up 3.67%

FireEye Inc (NASDAQ:FEYE) stock is set to start Friday’s session higher, following on from positive financial results released after yesterday’s market close.

The cyber security firm boasted of its first quarterly profit since its 2013 stock market float, making one cent per share after adjustments.

READ: FireEye shares down further 11% after it sounded the earnings alert

Fourth quarter revenue amounted to US$751mln, up 5% from the same period the year before, which was ahead of the company’s own guidance (US$739mln to US$745mln). Billings were reported at US$768mln, down 6% but above guidance (US$736mln to US$756mln).

"We achieved strong results across all key financial metrics in the fourth quarter and delivered against our year-long commitment of billings and revenue growth, non-GAAP operating profitability, and positive operating and free cash flow by the fourth quarter," said Kevin Mandia, FireEye chief executive.

"We delivered year-over-year and sequential growth in every major product group and geographic region, and we closed a record number of transactions greater than $1 million."

"We are building FireEye for the long-term, and we begin 2018 with a solid foundation for future growth and increased profitability."

Looking ahead, FireEye told investors that revenue for 2018 is expected at between US$815mln and US$825mln.

FireEye shares were up US$1.93 or 13.67% ahead of Friday’s open, changing hands at US$16.05.

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