Why FireEye Stock Rose 19% in October
FireEye (NASDAQ: FEYE) shares beat the market last month, gaining 19% compared to a 2% increase in the S&P 500, according to S&P Global Market Intelligence. The rally nearly pushed the stock back into positive territory for the year but kept returns well below the broader market so far in 2019.
October's rally was powered by strong earnings results from the cybersecurity specialist, which announced late in the month that sales beat management's targets for the fiscal third quarter. Revenue rose 7% on a double-digit increase in software billings thanks to continued robust demand for cloud-based subscription services.
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Source Fool.com
