Qualys reported fourth quarter earnings that topped estimates while revenue met expectations. The cybersecurity firm's 2024 guidance fell short of Wall Street targets, driving QLYS stock down.
The company reported Qualys earnings after the market close on Wednesday. On the stock market today, Qualys stock tumbled 8.3% to 162.47 in morning trades. QLYS stock had gained 43% over the past 52 weeks heading into the earnings report.
Qualys stock sold off on Monday after a Morgan Stanley analyst said that Microsoft will end its marketing pact with the company on May. 1. In response, the cybersecurity firm moved up its Q4 earnings report to today from Feb. 12.
Qualys sells security vulnerability management services. Its security and regulatory compliance solutions enable customers to identify risks and comply with policies.
QLYS Stock: 2024 Guidance Misses
Foster City, Calif.-based Qualys said December quarter adjusted earnings rose 38% to $1.40 a share. Revenue rose 10% to $144.6 million, the company said.
Analysts expected the company to report earnings of $1.25 per share on sales of $144.9 million.
In Q4, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) increased 20% to $65.8 million.
For 2024, Qualys says it expects profit in a range of $4.95 to $5.27 per share. It forecast revenue of $605 million, up 9%. Analysts had projected 2024 profit of $5.37 a share on revenue of $616.7 million.
Heading into the earnings report, QLYS stock owned a Relative Strength Rating of 88 out of a best-possible 99, according to IBD Stock Checkup.
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