Symantec released a surprisingly good quarterly report
Antivirus company Symantec analysts today unexpectedly showed growth of financial indicators for the first quarter above market expectations. Positive data have been made possible thanks to the development of the program cost savings within Symantec, consulting and development direction. At the same time, like other manufacturers, Symantec said that he felt a drop in sales of products for the classic PC market. Operating profit in the quarter was 44 cents per share, while sales grew by 2.5% to 1.71 billion. Analysts had expected 36 cents and 1.64 billion.
After the publication of positive quarterly data, Symantec shares rose in price by 6.6%. CEO Steve Bennett, said that the growth of profitability contributed previously conducted programs to reduce the number of personnel, as well as the consolidation of sales, which reduced marketing and overhead costs. Bennett said that Symantec is now working to reduce spending in other areas, as well as to increase the sales of server software.
Today, Symantec has confirmed the previously published annual forecast of profit and revenue. According to the company, in the first quarter of the current fiscal year, the net profit amounted to Symantec $ 157 million, or 22 cents a share, from $ 160 million, or 22 cents per share, a year earlier. Sales in the Consumer Solutions division, where a family of solutions implemented Norton, declined by less than 1% to 732 million, or 43% of total revenue.
Symantec Corporate Sales rose 7% to 336 million, and sales solutions for archiving and data management amounted to 641 million dollars, or 38 of the total sales of the company. During the current quarter, the company expects operating profit of 42-44 cents, revenue of 1.65 - 1.69 billion dollars. For the full year, the company expects sales to 6.91-7.04 billion.
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