Symantec Misses Profit, Revenue Expectations

By Tomi KilgoreMarketWatch Pulse

Symantec Corp. reported on Tuesday a fiscal first-quarter net profit of $117 million, or 17 cents a share, down from $236 million, or 34 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share were 40 cents, missing the FactSet consensus of 43 cents. Revenue fell 14% to $1.5 billion, below the FactSet consensus of $1.53 billion. For its fiscal second quarter, the security software company expects adj. EPS in the range of 40 cents to 43 cents, below the FactSet consensus of 45 cents. Revenue is projected to be $1.49 billion to $1.53 billion, compared with the FactSet consensus of $1.54 billion. Separately, Symantec announced a deal to sell its Veritas business for $8 billion in cash, and increase its stock repurchase program to $2.6 billion. The stock, which was currently halted for news dissemination, has dropped 11% year to date, while the S&P 500 has gained 2.2%.

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