FireEye Inc Shares Plummet On Q2 Losses, CFO Departure

FireEye Inc Shares Plummet On Q2 Losses, CFO Departure

The shares FireEye are plummeting after reporting losses in the second quarter and announcing the departure of its CFO Michael Sheridan.

The stock price of FireEye was down more than 5% to $45.20 per share at the time of this writing, around 11:10 A.M. in New York.

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FireEye financial results

During the second quarter, FireEye suffered GAAP net loss of $133.6 million or $0.87 per share, more than its net loss of $116.8 million or $0.82 per share in the same period a year ago.

FireEye said its revenue increased 56% to $147.2 million, higher than its guidance in the range of $14o million to $144 million. The company’s total deferred revenue was $409.9 million by the end of the period. Its billings climbed 57% to $178.3 million.

The company’s cash flow from operations increased to $39.1 million from negative $61.9 million in the same period last year. FireEye’s equipment and property purchased declined to $11.9 million from $17.3 million.

Our business continued to gain momentum in the second quarter as the power of our platform resulted in expansion of our customer base, new strategic partnerships, and additional cross-selling opportunities,” said FireEye Chairman and CEO David Dewalt in a statement.

He also noted a strong demand across FireEye’s product families, vertical markets, and geographies during the quarter. Dewalt added, “The opportunity continues to expand, and we believe the breadth and depth of our platform positions us to extend our leadership as the market develop.”

FireEye appoints Frank Verdecanna as interim CFO

According to FireEye, Michael Sheridan resigned from his position as CFO. He will assume a similar position at a private technology company in a different industry.

FireEye appointed its vice president of finance, Frank Verdecanna to serve as interim CFO following the departure of Sheridan in August.

Verdecanna is currently responsible for accounting, corporate financial planning and analysis, tax and revenue operations of FireEye. He joined the company in November 2012.

Before joining FireEye, Verdecanna served as CFO at Apptera, a mobile communications and advertising company. He also held a similar position at iPass, a publicly traded company that provides mobility software and services worldwide.

Dewalt said Verdecanna is “well qualified to lead FireEye’s finance and accounting organizations while we conduct our CFO search. Given his deep knowledge of our organization, I expect a seamless transition.”

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