Menu
REACTION: Why Symantec’s NZ exit is no surprise

REACTION: Why Symantec’s NZ exit is no surprise

If anything, the New Zealand market should have seen it coming, right?

If anything, the New Zealand market should have seen it coming, right?

That said, hindsight is a wonderful thing following mounting speculation that global security vendor, Symantec, will leave the country and redirect its operations from across the Tasman, on March 31.

Offering a potential insight into the decision to leave Kiwi shores, fresh from reporting a mixed bag of financials, and a dual operation strategy to juggle the company’s impending split in half from April 2015, Thomas Seifert, CFO and executive vice president at Symantec, told analysts this month…

”We are reducing our workforce and taking steps to improve our cost structure as we prepare for the separation. We expect the remainder of these charges to occur in the March and June quarters.”

Coupled with the elimination of its chief operating officer position in November last year, when the company forced Stephen Gillett to depart, the vendor has been in the midst of serious changes, made worse by declining revenues from its Norton consumer and enterprise security businesses during the fiscal third quarter.

So much so that revenue from its Norton antivirus offerings declined 11 percent year-over-year to $461 million from $517 million a year earlier with enterprise security revenue also falling, declining 4 percent to $509 million from $528 million a year earlier.

With Symantec already incurring restructuring costs of US$39m and separation costs of US$29m during the December quarter, it’s clear to see that the world’s largest security company sees its operational future outside of New Zealand, and its dealings with the market best made from afar.

Are you a Symantec partner in New Zealand? Tell us your reaction to the news in the comments below or email james_henderson@idg.co.nz


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags symantec

Featured

Slideshows

Reseller News Platinum Club celebrates leading partners in 2019

Reseller News Platinum Club celebrates leading partners in 2019

The leading players of the New Zealand channel came together to celebrate a year of achievement at the annual Reseller News Platinum Club lunch in Auckland. Following the Reseller News Innovation Awards, Platinum Club provides a platform to showcase the top performing partners and start-ups of the past 12 months.

Reseller News Platinum Club celebrates leading partners in 2019
Reseller News hosts alumnae breakfast for Women in ICT Awards

Reseller News hosts alumnae breakfast for Women in ICT Awards

Reseller News hosted its second annual alumnae breakfast for the Women in ICT Awards in New Zealand, designed to showcase the leading female leaders in the industry. Held at The Cordis in Auckland, attendees came together to hear inspiring keynotes and panel discussions, alongside high-level networking among peers. Photos by Gino Demeer.

Reseller News hosts alumnae breakfast for Women in ICT Awards
Reseller News Innovation Awards 2019: meet the winners

Reseller News Innovation Awards 2019: meet the winners

Reseller News honoured the standout players of the New Zealand channel in front of more than 480 technology leaders in Auckland on 23 October, recognising the achievements of top partners, emerging entrants and innovative start-ups.

Reseller News Innovation Awards 2019: meet the winners
Show Comments