Qualys (NASDAQ: QLYS) reported Q1 EPS of $0.65, $0.05 better than the analyst estimate of $0.60. Revenue for the quarter came in at $86.3 million versus the consensus estimate of $85.79 million.

"We are pleased to report another good quarter with accelerated growth in Qualys Cloud Agent subscriptions and strong adoption of our Vulnerability Management, Detection and Response (VMDR) app. Our results reflect the strategic importance of our robust cloud platform for continuously securing and monitoring hybrid environments and remote workforces as well as the expansion of our product suite including our innovative VMDR app," said Philippe Courtot, chairman and CEO of Qualys. "We are pleased with our business momentum with both renewals and upsells performing well. Our groundbreaking VMDR application is seeing strong customer reception with nearly 150 customers already subscribed to it. VMDR not only helps proliferate Clouds Agents within our customer base but also sets a strong foundation for further upsell of our other paid applications. In addition, we are seeing a great response to our free remote endpoint protection offering with nearly 500 customers signed up for the service. We will also be extending the free service period for existing customers to enable them to trial the malware detection and response capabilities that we will be adding shortly."

"In these challenging times, we are uniquely positioned with our profitable cloud platform model as companies accelerate their adoption of cloud-based solutions. This enables us to continue investing and recruiting for top talent as well as assist the community with fast development of free services. Furthermore, I am also pleased to announce our Board has authorized an additional 2-year $100 million open market share repurchase program, which reflects our belief in our cloud model to continue growing shareholder value as well as provides us with the opportunity to take advantage of any potential significant stock market dislocation," continued Courtot.

GUIDANCE:

Qualys sees Q2 2020 EPS of $0.63-$0.65, versus the consensus of $0.62. Qualys sees Q2 2020 revenue of $88-88.6 million, versus the consensus of $88.86 million.

Qualys sees FY2020 EPS of $2.46-$2.51, versus the consensus of $2.55. Qualys sees FY2020 revenue of $354-359 million, versus the consensus of $360.63 million.

For earnings history and earnings-related data on Qualys (QLYS) click here.