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Symantec posts Q1 fiscal year revenue of US$1.43 billion

Symantec posts Q1 fiscal year revenue of US$1.43 billion

Symantec has reported generally accepted accounting principles (GAAP) revenue for the fiscal year ended July 3 of US$1.43 billion. However, non-GAAP revenue was $1.44 billion, a drop of 13 percent compared to last year. Year-over year, foreign currency changes impacted non-GAAP revenue by $75 million.

Symantec president and CEO Enrique Salem says the company is pleased with the performance of the consumer business and its Norton 2009 products.

“On the enterprise side, some customers focused their spending on shorter-term contracts, or maintenance renewals, resulting in fewer new license deals, but stronger deferred revenue. We’ve laid the groundwork to drive improved execution in the second half of the fiscal year.”

Symantec's GAAP operating income for the fist quarter of fiscal year 2010 was $152 million compared with $278 million for the same quarter last year. GAAP net income for the first quarter was $73 million compared with $172 million for the same period last year.

Non-GAAP operating margin for the first quarter amounted to 28.5 percent compared with 29.3 percent for the same quarter last year.

For the quarter, Symantec’s storage and server management segment represented 38 percent of total non-GAAP revenue and declined 17 percent year-over-year.

The consumer business represented 31 percent of total non-GAAP revenue and declined four percent year-over-year. The Security and Compliance segment amounted to 24 percent of total non-GAAP revenue and declined 14 percent year-over-year.

Services made up seven percent of non-GAAP revenue and declined 20 percent year-over year.


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