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FireEye Gains Managed Defense Services Momentum

FireEye continues to gain momentum in the managed security services market — specifically as it pertains to managed defense services. But the company’s overall business performance still requires more fine tuning, according to investors and Wall Street analysts.

FireEye CEO Kevin Mandia

During FireEye’s second quarter earnings call on July 30, CEO Kevin Mandia repeatedly pointed to momentum in the company’s managed services business. “Results were especially strong in our platform, cloud subscriptions, and managed services category with billings growth accelerating 27 percent from a year-ago,” Mandia told Wall Street analysts.

Among the additional data points he shared:

  • Managed defense had its best ever second quarter and its third highest billings quarter in the company’s history;
  • threat intelligence grew ARR (annual recurring revenue) 20 percent year-over-year.
  • Mandiant services had its second highest billings quarter in the company’s history; and
  • billings for professional services were $46 million, up 15 percent year-over-year.

At the same time, two related but different areas of focus have emerged within FireEye, he added. The include:

  1. products consisting of advanced detection and protection products such as network, email and endpoint security; plus
  2. platform and solutions that combine the Helix platform, security instrumentation from Verodin, Mandiant services, intelligence and our managed defense offerings.

FireEye Quarterly Results, Partner Program

The overall FireEye second quarter financial results included:

  • Revenue of $218 million, up 7 percent from the corresponding quarter last year.
  • A net loss of $67.3 million, smaller than a net loss of $72.8 million in the corresponding quarter last year.

The results concerned some investors and shares fell about 6.5 percent on the news. Moreover, the company did not mention if or how its managed services portfolio is catching on with channel partners, MSPs and MSSPs.

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