RTTNews | Jul 29, 2020 10:14AM EDT

10:14 Wednesday, July 29, 2020 (RTTNews.com) - Shares of FireEye, Inc. (FEYE) are gaining 17% on Wednesday morning. Tuesday, the cybersecurity company reported its second-quarter results that trumped Wall Street estimates and issued third quarter and annual outlook above the Street estimates, driven largely by continued demand for cybersecurity services amid COVID-19 pandemic. FEYE is currently trading at $15.71, up $2.33 or 17.41%, on the Nasdaq. FireEye reported a second-quarter loss of $53.3 million or $0.24 per share, compared with a loss of $67.3 million or $0.33 per share last year. Excluding one-time items, earnings were $0.09 per share, compared with a loss of $0.01 per share a year ago. Revenues for the second quarter rose 6% to $229.9 million from $217.6 million last year.

Analysts expected a loss of $0.02 per share on revenues of $214.8 million.

Looking forward to the third quarter, FireEye expects adjusted earnings of $0.06 to $0.08 per share on revenue of $225 million to $229 million. Analysts currently project earnings of $0.02 per share on revenue of $220.11 million.

For the year, the company forecast adjusted earnings of $0.22 to $0.26 per share on revenues of $905 million to $925 million. Analysts currently expect earnings of $0.05 per share on revenues of $889.87 million.

"Cyber security remains a top spending priority for organizations worldwide, and the uncertainty of the current environment is creating opportunities for solutions that allow customers to purchase exactly what they need, when they need it," said CEO Kevin Mandia.

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