Menu
Symantec's revenue hurt by enterprise sales drop

Symantec's revenue hurt by enterprise sales drop

Sales fall nearly 3 per cent to US$625 million for the quarter

Symantec Corp's quarterly revenue missed estimates, hurt by lower sales at its enterprise security division, and the company lowered its profit and revenue forecast for 2018.

Symantec's shares fell 4.9 percent to US$25.90 in after-hours trading on Wednesday.

Revenue at the enterprise security division, its biggest by sales, fell nearly three percent to $625 million - missing analysts' estimates of US$684.46 million, according to Thomson Reuters I/B/E/S.

The maker of Norton antivirus software said that its net income rose to $1.34 billion or $2.01 per share in the third quarter ended Dec. 29, from $46 million or 7 cents per share, a year earlier.

The big jump in net income reflected a more than $600 million gain related to the sale of its website certification business to Digicert in August 2017. The company also received an $810 million provisional benefit from U.S. tax reforms.

Excluding items, Symantec reported a profit of 49 cents per share and revenue of $1.21 billion.

Analysts on average had expected a profit of 44 cents and revenue of $1.27 billion, according to Thomson Reuters I/B/E/S.

Reporting by Arjun Panchadar and Shariq Khan in Bengaluru; Editing by Sai Sachin Ravikumar.


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 symantecnortonenterprise security division

Featured

Slideshows

EDGE 2018: Kiwis kick back with Super Rugby before NZ session

EDGE 2018: Kiwis kick back with Super Rugby before NZ session

New Zealanders kick-started EDGE 2018 with a bout of Super Rugby before a dedicated New Zealand session, in front of more than 50 partners, vendors and distributors on Hamilton Island.​

EDGE 2018: Kiwis kick back with Super Rugby before NZ session
EDGE 2018: Kiwis assess key customer priorities through NZ research

EDGE 2018: Kiwis assess key customer priorities through NZ research

EDGE 2018 kicked off with a dedicated New Zealand track, highlighting the key customer priorities across the local market, in association with Dell EMC. Delivered through EDGE Research - leveraging Kiwi data through Tech Research Asia - more than 50 partners, vendors and distributors combined during an interactive session to assess the changing spending patterns of the end-user and the subsequent impact to the channel.

EDGE 2018: Kiwis assess key customer priorities through NZ research
Show Comments