Qualys Inc. shares surged in the extended session Wednesday after the cloud security company’s results and outlook topped Wall Street expectations.
Qualys QLYS, -0.53% shares rallied 11% after hours, following a 0.5% decline in the regular session to close at $94.38.
The company reported first-quarter net income of $228,000, or a penny a share, because of accelerated vesting of equity awards to its former chief executive, Philippe Courtot, who stepped down recently for health reasons. That’s compared with $18.7 million, or 46 cents a share, in the year-ago period. Adjusted earnings were 74 cents a share, compared with 65 cents a share in the year-ago quarter.
Revenue rose to $96.8 million from $86.3 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 68 cents a share on revenue of $95.2 million.
In a statement, Sumedh Thakar, Qualys CEO, said that continued adoption of the company’s Vulnerability Management, Detection and Response application “continues to be a strategically important driver” to the company’s long-term growth.
Qualys expects earnings of 67 cents to 69 cents a share on revenue of $98.6 million to $99.2 million in the second quarter, while analysts had forecast earnings of 65 cents a share on revenue of $97.9 million.
For the year, the company expects earnings of $2.67 to $2.72 a share on revenue of $402.5 million to $404.5 million, while analysts forecast $2.65 a share on revenue of $400.5 million.