Sourcefire comfortably surpasses Wall Street's estimates on strong demand for its cybersecurity products.
COLUMBIA, Md. (TheStreet) - Sourcefire(:FIRE) continued its momentum on Monday, comfortably surpassing Wall Street's expectations for its first-quarter results on strong demand for its cybersecurity products.
Revenue came in at $46.3 million, a 50% hike on the prior year's quarter, and above analysts' forecast of $41.64 million. Sourcefire reported first-quarter results after market close.
Excluding items, Columbia, Md.-based Sourcefire earned 11 cents a share, up from 4 cents a share in the same period last year. Analysts surveyed by Thomson Reuters were looking for earnings of 8 cents a share.
The Cisco(:CSCO) competitor also offered robust second-quarter guidance, predicting revenue between $46.5 million and $48.5 million vs. the average analysts' forecast of $46.45 million. Excluding items, Sourcefire sees adjusted earnings of 12 to 14 cents a share, surrounding the current consensus view for a profit of 13 cents a share.
"As we look to the future, we are confident in our ability to capture our share of an expanding market opportunity, and to continue to drive meaningful levels of growth," explained Sourcefire CEO John Burris, in a statement released after market close.
Investors responded positively to the numbers, pushing Sourcefire's shares up $2.71, or 5.31%, to $53.70 in extended trading.
Before the after-hours spike higher, the stock had already doubled in the past year, hitting a 52-week high of $52.54 on Friday.
--Written by James Rogers in New York.
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