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Symantec Corp.’s Q4 Results Tops Estimates But Q1 Outlook Downbeat, Shares Fall (SYMC)

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Shares of Symantec Corp. (NASDAQ: SYMC) slumped about 4.75% in aftermarket hours on Tuesday after the world’s largest software security provider reported sharp slump in fourth quarter net income and provided downbeat guidance on the current quarter.

However, fiscal fourth quarter adjusted earnings and revenue exceeded Street’s estimates as the company benefitted from growing backup business and rising demand for its data loss and network security products.

For the fiscal fourth quarter, Symantec reported a profit of $188 million or 26 cents a share compared to a net income of $559 million or 76 cents a share, in the year-earlier quarter.

In the same quarter of last fiscal, net income included a gain of $530 million linked to a 49%  joint venture stake sale to Huawei.

Stripping out onetime items, adjusted or non-GAAP earnings came at $314 million or 44 cents a share up from $283 million or 38 cents a share, in the year-earlier quarter.

Revenue during the period rose 4% to $1.75 billion from $1.68 billion, in the year-earlier quarter. Analysts’ consensus estimate was earnings of 38 cents a share on revenue of $1.73 billion.

For the fiscal first quarter which ends in June, the Mountain View, California-based Company anticipates revenue to be in the range of $1.61 billion to $1.65 billion and adjusted earnings of 35 cents to 36 cents. Analysts’ consensus estimate was for earnings of 44 cents a share on sales of $1.7 billion.

 

 

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edliston
Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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