FireEye posts record revenue in Q4

The cybersecurity firm beat Wall Street estimates, as organizations look to avoid more data breaches with cloud-based products.

Security firm FireEye on Tuesday reported record revenue for the fourth quarter and the full fiscal 2020. The strong results follow FireEye's disclosure in December that it was the target of a massive international cyber espionage campaign. 

"We continue to transform our business and believe we are well-positioned as organizations shift to intelligence-led security focused on security effectiveness," CEO Kevin Mandia said in a statement. 

Earnings for the quarter came to 12 cents on revenue of $248 million, an increase of 5 percent from the fourth quarter of 2019. 

Wall Street was expecting earnings of 10 cents per share on revenue of $240.01 million. 

"Our record fourth quarter and 2020 results demonstrated that we are gaining momentum in our Platform, Cloud Subscription, Managed Services and Professional services categories," Mandia said. 

The combined revenue from those two categories accounted for 55 percent of total revenue in 2020. 

Annualized recurring revenue came to $638 million, an increase of 8 percent from Q4 2019. Platform, cloud subscription and managed services annualized recurring revenue totaled $340 million, an increase of 20 percent from Q4 2019. 

The company in Q4 introduced its Mandiant Advantage SaaS platform. 

"Our vision is to become a seamless extension of our customers' security operations by delivering our threat intelligence and expertise gained on the frontlines through the Mandiant Advantage platform," the CEO said. 

For the first quarter of fiscal 2021, FireEye expects non-GAAP net income between 5 cents and 7 cents. It gave a revenue outlook between $235 million and $238 million.