The slump pushed shares to a roughly 20% decline so far in 2019 against a 16% increase in the broader market.
August's drop came as investors digested mixed earnings results from the cybersecurity specialist. Sales landed just above the outlook that CEO Kevin Mandia and his team had issued for the period. Yet profitability posted a surprising dip as expenses jumped. FireEye posted a loss of $0.33 per share compared to a loss of $0.38 per share a year ago.
Mandia highlighted the company's strengthening billings metric for new products. That success is being offset by rising costs, though, and by the retirement of a few legacy products that also carried high profit margins. These dynamics add up to a weaker-than-expected 2019 outlook, and so FireEye's stock might remain stuck behind the market until these operating and financial conditions improve.