Symantec Shares Rise After Earnings Beat, Sale Of Website Security Business

By Wallace Witkowski Markets MarketWatch Pulse

Symantec Corp. shares rose in the extended session Wednesday after the cybersecurity company reported earnings that topped Wall Street estimates and said it had sold its website security business. Symantec shares rose 4.6% to $32.35 after hours. The company reported a fiscal first-quarter loss of $133 million, or 22 cents a share, compared to net income of $135 million, or 22 cents a share, in the year-ago period. Adjusted earnings were 33 cents a share. Revenue rose to $1.18 billion from $884 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 31 cents a share on revenue of $1.2 billion. For the fiscal second quarter, Symantec estimates adjusted earnings of 40 cents to 44 cents a share on revenue of $1.26 billion to $1.29 billion. Analysts expect 43 cents a share on $1.27 billion. Separately, Symantec said it sold its website security business to DigiCert for $950 million in cash and a 30% equity stake in DigiCert.

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