Qualys stock slips even after earnings, outlook top Street view

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Qualys Inc. shares slipped in the extended session Monday even after the cloud security company topped Wall Street expectations. Qualys shares fell 2.5% after hours, following a 6.2% decline in the regular session to close at $112.87. The company reported second-quarter net income of $26.3 million, or 64 cents a share, compared with $16.2 million, or 39 cents a share, in the year-ago period. Adjusted earnings were 74 cents a share. Revenue rose to $88.8 million from $78.9 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 64 cents a share on revenue of $88.2 million. “The unprecedented shift towards remote working caused by the COVID-19 pandemic has created significant new IT and cybersecurity challenges,” said Philippe Courtot, Qualys chairman and chief executive, in a statement. “With most employees working from home, there has been not only an explosion of remote endpoints accessing organizations’ critical assets and data, but also an increase in cyberattacks that are targeting these remote endpoints to exploit vulnerabilities.” Qualys expects earnings of 65 cents to 67 cents a share on revenue of $91.6 million to $92.2 million in the third quarter, while analysts had forecast earnings of 61 cents a share on revenue of $90.4 million. For the year, the company expects earnings of $2.60 to $2.65 on revenue of $359 million to $360.5 million, while analysts forecast $2.49 a share on revenue of $357.4 million.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.