FireEye shares are down 18 percent in early-after hours trading after the company reported lackluster fourth-quarter earnings.

The company's fourth-quarter revenues of $184.7 million were down just slightly from $184.8 million in the same quarter a year ago. It's the first time FireEye’s quarterly revenues fell year-over-year since the company went public in late 2013.

FireEye's revenues for all of 2016 did climb, to $714 million from $623 million in 2015.

Still, analysts were expecting more out of FireEye's fourth quarter. Catherine Trebnick of Dougherty & Co. was predicting revenues of $190.8 million — and that was after accounting for the likelihood of a weak quarter.

"While we believe pieces of the businesses, such as the company's cloud-email security solution, are having success, sales of FireEye's core on-premise[s] sandbox continue to wane as increased competition and pricing pressure drive customers elsewhere," she wrote in a research note earlier this week.

FireEye is in a period of transition, grappling with the industrywide migration of networking functions into software and cloud-native forms. The company hired new CEO Kevin Mandia in June and announced layoffs of 350 in August.

FireEye's fourth-quarter net loss was $61.2 million, or 37 cents per share, compared with a loss of $136.1 million, or 87 cents per share, in last year's fourth quarter.

The company's non-GAAP net loss of 3 cents per share was much better than the loss of 16 cents per share predicted by analysts, according to Thomson Financial.

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