FEYE - FireEye stock slides after soft Q2 results following products divestment

FireEye (NASDAQ:FEYE) shares drop 10.5% in after hours trading following second-quarter results that were complicated by a major divestment during the period. In June, the company sold its FireEye Products business to Symphony Technology Group for about $1.2B in cash plus the assumption of certain liabilities. The transaction is expected to close by the end of the fourth quarter. FireEye Products financials were classified under discontinued operations in the earnings report and excluded from continuing operations. Revenue from continuing operations totaled $114M, up 17% year-over-year. Sales for continuing and discontinued operations combined increased 8% to $248M, falling in-line with consensus estimates. Adjusted loss per share from continuing operations was $0.14 and the combined figure was $0.09, matching consensus estimates. Annualized recurring revenue for continuing operations increased 19% from the end of last year's quarter to $244M. Deferred revenue was up 22% from last year to $297M. Adjusted operating margin improved two percentage

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FireEye stock slides after soft Q2 results following products divestment