November 1, 2017 / 8:06 PM / a month ago

FireEye posts narrower loss as costs drop, sales increase

Nov 1 (Reuters) - Cybersecurity firm FireEye Inc, which probed the Equifax breach in September, reported a narrowed quarterly loss, helped by lower costs and as sales got a boost from its shift to a subscription-based business.

The company’s net loss attributable to shareholders narrowed to $72.9 million, or 41 cents per share, in the third quarter ended Sept. 30, from $123.4 million, or 75 cents per share, a year earlier.

Its operating costs dropped 20 percent.

FireEye, amid a transition to a software-as-a-service model (SaaS) from a business centered around the sale of hardware boxes, said total revenue rose 1.7 percent to $189.6 million.

Analysts on average were expecting revenue of $186.36 million, according to Thomson Reuters I/B/E/S.

Of that, revenue from subscription and services increased 11.6 percent to $159.1 million, while product revenue dropped 30.5 percent.

Analysts were expecting subscriptions and services revenue $155.6 million, according to data and analytics firm FactSet. Products revenue was in line with expectations.

FireEye expects its current-quarter bottom line, on an adjusted basis, to range between breakeven and a loss of 3 cents per share.

The Milpitas, California-based company expects revenue of $190 million to $196 million for the period.

Analysts on average were expecting a loss of 1 cent per share and revenue of $195.9 million. (Reporting by Munsif Vengattil in Bengaluru; Editing by Savio D‘Souza)

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