Cloud cyber-security pioneer FireEye this afternoon reported Q1 revenue and profit that topped analysts' expectations, and an outlook for this quarter, and the full year, higher as well. The company's annualized recurring revenue rose 9%, year over year, to $643 million. The report sent FireEye shares up 2% in late trading. CEO and Kevin Mandia noted that growth in the quarter was "led by our Platform, Cloud Subscription and Managed Services category, which increased 26% year over year, and our Professional Services category, which increased 25% year over year." Mandiant's ARR from its Platform, cloud and subscriptions, combined, rose 22%, year over year, to $352 million, it said.
FireEye has announced that chief executive David DeWalt will be stepping down and replaced by current FireEye president Kevin Mandia. This week, the cybersecurity firm's shares have taken a beating in the wake of poor projected financial results for this year. Shares fell by over nine percent in after-hours trading after FireEye revealed that while revenue increased over Q1 2106, loss increased to 155.9 million -- or 98 cents a share -- in comparison to Q1 2015 losses of 134 million, or 88 cents a share. In addition to poor financial results, FireEye also slashed its sales forecast for 2016 and projected heavier losses in the second quarter. In order to try and turn the cybersecurity firm's fortunes around, Kevin Mandia is now the chief executive of the company -- which acquired his in 2014.
FireEye, one of the world's largest security firms, reported a year over year revenue growth of 8% in Q2 as the company adjusts following the sale of a major part of its business. Earnings for the quarter came to .09 Wall Street was expecting earnings of $0.09 per share on revenue of $249.07 million. The report sent FireEye shares down 10.75% in late trading. FireEye sold its FireEye Products business to a consortium led by Symphony Technology Group for $1.2 billion on June 2, dramatically changing the company's outlook.
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.
From cancelled conferences to disrupted supply chains, not a corner of the global economy is immune to the spread of COVID-19. Information security and technologies that speed up cloud and content delivery remain relatively strong sectors amid the COVID-19 pandemic that has rattled numerous enterprises. Amid a barrage of earnings reports on Tuesday, Akamai and FireEye stood out as companies that are seeing strong demand in part due to an increase in cyberattacks. Juniper Networks also held up fairly well even though revenue fell short of expectations. FireEye reported that first quarter revenue was up 7% from a year ago.