Shares of Forescout Technologies (NASDAQ: FSCT) have jumped today, up by 12% as of 11 a.m. EST, after the company reported fourth-quarter earnings results. The cybersecurity specialist crushed expectations and issued a strong forecast for 2019.
Revenue in the fourth quarter increased 35% to $84.7 million, well ahead of the consensus estimate that called for $77.8 million in sales. That translated into a non-GAAP net loss of $0.4 million, or $0.01 per share, which was much better than the $0.25 per share in adjusted losses that analysts were expecting. Forescout generated $5.2 million in free cash flow during the quarter.
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"We had an outstanding fourth quarter, finishing out our first full year as a publicly traded company on a high note with strong revenue growth and positive cash flow for the year," CEO Michael DeCesare said in a statement. "The quarter was marked by a record number of new customer additions, some marquee customer wins across a diverse mix of industry verticals, strong international growth, and large expansion deals with notable existing customers."
Forescout also issued guidance for the first quarter and full-year 2019. Revenue in the first quarter is expected to be $71.9 million to $74.9 million, which should lead to a non-GAAP operating loss of $17.7 million to $18.7 million and a non-GAAP net loss per share of $0.43 to $0.45. The Street is expecting the company to post $71.6 million in sales and an adjusted loss of $0.33 per share in the first quarter.
The full-year 2019 outlook sees revenue of $363.1 million to $373.1 million, easily topping expectations of $347.8 million in sales. That should lead to a non-GAAP operating loss of $12 million to $16 million, and a non-GAAP net loss of $0.37 to $0.45 per share, while analysts are modeling for an adjusted loss of $0.43 per share.
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