Intelligence led security vendor FireEye Inc, has reported Q1 revenue of $225m, an increase of 7% from Q1, 2019.
The vendor’s Q1 billings of $170m decreased 7% from the first quarter of 2019 while annual recurring revenue of $590m increased 7% compared to the end of the first quarter of 2019.
“I believe we performed exceptionally well in the first quarter,” said Kevin Mandia, CEO, FireEye. “We were able to shift our operations around the world almost seamlessly to a work-from-home model on very short notice. This allowed us to remain focused on our mission to protect our customers, as threat actors continue their heated pace of attacks while the world faces a global pandemic.”
Mandia said the company’s ability to adapt to the current environment was the result of the steps taken to modernise its business, and the results confirm that.. “The emerging growth areas of our business — platform, cloud subscription, and managed services and Mandiant Consulting services — have eclipsed our appliance-based business and accounted for 53% of our revenue in the first quarter,” added Mandia. “We expect this trend to continue through the rest of 2020.”
Frank Verdecanna, CFO and chief accounting officer, FireEye, said: “While the COVID-19 pandemic has brought several segments of the global economy to a standstill, the cyber threat environment remains very active.”
Verdecanna explained that the fundamentals of FireEye’s business remain strong, and with its liquidity and operational flexibility, the company is well positioned to manage through this crisis.
“Given the uncertainty regarding the duration and impact of COVID-19, we are withdrawing our billings and operating cash flow guidance for the full year 2020,” he stated. “In addition, the guidance that we are providing for Q2 2020 and the full year 2020 comes with the caveat that there is significant uncertainty caused by the COVID-19 pandemic, and that actual results could differ materially from our outlook.”
