Symantec cuts outlook for fiscal Q3

Summary:Following a mixed second quarter, Symantec cuts its outlook for fiscal 2014. Most divisions saw revenue declines.

Symantec cut its outlook for its December quarter after reporting mixed results for its fiscal second quarter.

In a statement, Symantec CEO Steve Bennett said the company was making progress with its moves to simplify, but had a "a challenging quarter in our transition year."

Symantec reported second quarter earnings of $241 million, or 34 cents a share, on revenue of $1.64 billion, down 4 percent from a year ago. Non-GAAP earnings were 50 cents a share. Wall Street was looking for second quarter non-GAAP earnings of 44 cents a share on revenue of $1.68 billion.

As for the outlook, Symantec also foreshadowed a few struggles. Symantec said its third quarter sales will be $1.63 billion to $1.67 billion with non-GAAP shares between 41 cents a share and 43 cents a share.

Wall Street was looking for Symantec to report fiscal third quarter non-GAAP earnings of 51 cents a share on revenue of $1.78 billion.

For fiscal 2014, Symantec said its revenue will fall 3 percent to 4 percent.

By the numbers for Symantec's second quarter:

  • Symantec's user productivity and protection unit (endpoint security and mobile) fell 3 percent from a year ago.
  • Information security fell 2 percent from a year ago.
  • Information management sales fell 5 percent from a year ago.
  • International revenue fell 4 percent from a year ago. The Americas revenue fell 3 percent from a year ago.
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Topics: Security, Storage

About

Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic. He was most recently Executive Editor of News and Blogs at ZDNet. Prior to that he was executive news editor at eWeek and news editor at Baseline. He also served as the East Coast news editor and finance editor at CN... Full Bio

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