FireEye Inc. FEYE reported second-quarter 2015 results wherein both the top and bottom lines compared favorably with the respective Zacks Consensus Estimate. However, the company’s shares declined over 5% after it announced the resignation of Chief Financial Officer (CFO) Michael Sheridan. Let’s First Discuss Second-Quarter Results The cloud-based security solution provider’s second-quarter revenues jumped 55.8% year over year to $147.2 million. Moreover, quarterly revenues surpassed the Zacks Consensus Estimate of $143 million as well as the guided range of $140 million to $144 million. Billings during the quarter marked a year-over-year jump of 57% to $178.3 million. The year-over-year improvement was primarily aided by solid yields from sales and marketing strategies and strength in the network security market. A large number of deal wins and customer additions also contributed to the strength. Gross profit for the quarter increased 72.2% year over year to $91.1 million, while, as a percentage of sales, gross margin improved 590 basis points (bps) to 61.9%. The year-over-year improvement was mainly due to higher product revenues. Furthermore, continued cost management efforts helped FireEye to lower adjusted operating costs, as a percentage of sales, to 141.1% from 179% reported a year ago. FireEye posted adjusted operating loss of $116.6 million, flat year over year. Adjusted net loss came in at $119 million as against a loss of $103.6 million incurred in the prior-year period. On a per share basis, the company’s adjusted loss widened from 73 cents to 78 cents, but narrowed from the Zacks Consensus Estimate of a loss of 84 cents. Fireeye Inc. - Earnings Surprise |... More