Qualys Inc. shares surged in the extended session Monday after the company hiked its outlook for the year based on strong demand for its cloud security products.
shares rallied 5% after hours, following a 2.7% rise in the regular session to close at $105.11. The stock was up 5% premarket Tuesday.
Qualys said it expects earnings of 78 cents to 80 cents a share on revenue of $103.8 million to $104.4 million in the second quarter, while analysts surveyed by FactSet had forecast earnings of 65 cents a share on revenue of $97.9 million.
For the year, the company expects earnings of $3.02 to $3.07 a share on revenue of $406.0 million to $407.5 million, up from a previous range of $2.67 to $2.72 a share on revenue of $402.5 million to $404.5 million. Analysts forecast $2.71 a share on revenue of $403.4 million.
“We delivered solid results for the second quarter reflecting the power of the Qualys Cloud Platform and its associated apps to uniquely help customers secure their digital transformations and the modern work from anywhere environment,” said Sumedh Thakar, Qualys president and chief executive, in a statement. “As a result, we continued to see strong customer interest and adoption of our Vulnerability Management, Detection and Response application in the quarter with paid cloud agent subscriptions growing 51% year-over-year to 64 million deployed.”
The company reported second-quarter net income of $21.1 million, or 53 cents a share, compared with $26.3 million, or 64 cents a share, in the year-ago period. Adjusted earnings were 79 cents a share, compared with 74 cents a share in the year-ago quarter.
Revenue rose to $99.7 million from $88.8 million in the year-ago quarter.
Analysts had forecast earnings of 68 cents a share on revenue of $95.2 million, based on the company’s forecast of 67 cents to 69 cents a share on revenue of $98.6 million to $99.2 million in the second quarter.