Symantec misses Q4 revenue targets
Security giant Symantec reported mixed fourth quarter financials on Wednesday, with in-line earnings but revenue that fell short.
Featured
The Mountain View, California-based company reported a net loss of $143 million, or 23 cents per share. Non-GAAP earnings were 28 cents per share on a revenue of $1.12 billion.
Wall Street was looking for earnings of 28 cents per share with $1.18 billion in revenue.
In prepared remarks, Symantec CEO Greg Clark focused on corporate synergy following Symantec's $4.6 billion acquisition of Blue Coat last year. Clark said benefits of the merger are "proving out," including customer acquisition across enterprise and consumer verticals, and 67 percent growth in cloud subscription revenue.
"We are on-track to deliver long-term, sustainable growth and industry-leading profitability as the new Symantec," he said.
For the current quarter, Wall Street is looking for non-GAAP earnings of 38 cents per share with $1.27 billion in revenue.
Symantec followed up with a much softer projection, expecting earnings to land at 30 cents a share with revenue between $1.13 billion to $1.16 billion. The company's shares dipped just above 6 percent in late trading.