Symantec cuts outlook, sees IT buyer caution

Symantec cuts outlook, sees IT buyer caution

Summary: Symantec's fiscal first quarter revenue fell short of expectations and the company cut its outlook for the next quarter due to "continued cautiousness among IT buyers."

SHARE:
TOPICS: Banking
2

Symantec's fiscal first quarter revenue fell short of expectations and the company cut its outlook for the next quarter due to "continued cautiousness among IT buyers."

The company reported earnings of $161 million, or 20 cents a share, on revenue of $1.43 billion. Non-GAAP earnings were 35 cents a share. Wall Street was expecting earnings of 35 cents a share on revenue of $1.46 billion.

Meanwhile, Symantec said its second quarter earnings would fall short of estimates. Symantec said second quarter revenue will be $1.44 billion to $1.46 billion. Wall Street was expecting $1.53 billion. Symantec also projected second quarter earnings of 9 cents a share to 10 cents a share. Non-GAAP earnings will be between 27 cents a share and 28 cents a share. Wall Street was expecting earnings of 34 cents a share.

Add it up and Symantec's outlook was a big disappointment.

In a statement, Symantec CEO Enrique Salem said:

We saw lengthening of procurement cycles driven by continued cautiousness among IT buyers. In particular, this affected our storage management results.

The company also said it was hurt by a stronger U.S. dollar.

The company also said it was hurt by a stronger U.S. dollar.

Topic: Banking

Kick off your day with ZDNet's daily email newsletter. It's the freshest tech news and opinion, served hot. Get it.

Talkback

2 comments
Log in or register to join the discussion
  • Message has been deleted.

    croberts
  • RE: Symantec cuts outlook, sees IT buyer caution

    Any IT professional who didn't know that Symantec was a dirty company since at least 2001 apparently has never worked with Microsoft operating systems but I had no idea about the other allegations. Learn something new every day is my motto, otherwise the day is a total waste.
    hantoyo1@...