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Symantec cuts outlook, sees IT buyer caution

By | July 28, 2010, 1:53pm PDT

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.”

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.

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Topics

Revenue, Symantec Corp., Information Technology, Earnings, Financial Accounting, Finance, Larry Dignan

Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic.

Disclosure

Larry Dignan

Larry Dignan has nothing to disclose. He doesn’t hold investments in the technology companies he covers.

Biography

Larry Dignan

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 CNET News.com. Larry has covered the technology and financial services industry since 1995, publishing articles in WallStreetWeek.com, Inter@ctive Week, The New York Times, and Financial Planning magazine. He's a graduate of the Columbia School of Journalism and the University of Delaware.

For daily updates, follow Larry on Twitter.

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RE: Symantec cuts outlook, sees IT buyer caution
FAULKNE 13th Oct
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Message has been deleted.
croberts Updated - 15th Jun
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David Freer (VP, Symantec - Norton, APJ) is a BIG LIAR!
strela825 29th Jul 2010
David Freer (VP, Symantec Consumer Business Units - Norton, APJ) is a BIG LIAR! He lied to me for more than two and half years for my true feelings, time, and money. Also kept saying I am the only one in his life. Even this year on Feb. 2, he used company line to lead me to have phone sex with him. Until I found out there?s some other woman, he made up another lie and finally admitted he?s been living with her for a year. Later, I realized they were all lies. He actually has married March 2009. And now he just totally disappeared and not answering any phone calls, acting like ?hit & run? irresponsible baby. Can you trust someone like this, with no ethics and integrity? The more unbelievable things are David Freer newly-wed wife - SUZY WALSHAM, she shamefully admitted she was the third person who broke up David Freer & his ex 12 years relationships, and mocking at me as the 3rd "unsuspected" person, as she agreed with his husband?s behaviors!!!!!! SHAME ON both of you, DAVID FREER & SUZY WALSHAM!!!!!!! (THEY BOTH WORK FOR SYMANTEC)
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What kind of company Symantec really is?
strela825 29th Jul 2010
As I have reported to Symantec Ethics about David Freer?s (VP, Symantec ? Norton, APJ) misconducts (fraud, having dissented sex with me as he lied, using company resources for personal benefits ? hundreds hours phone calls, hanging out with me during office hours, negative impacts on Symantec corporate image), what they do surprise me too. They basically ignore ? never process the investigation, covering the serial lying & cheating criminal up, then threaten me. As Warren Buffet said when he decides which company is worth to invest, he values the CEO?s ethic and integrity the most. Being a senior management, David Freer shall walk the talks, instead he has set up a terrible example. How dare Symantec always campaign the company itself as defeat cyber criminals, but in the real world, Symantec acts just like robbers, mafia, & criminals. How ironic!
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RE: Symantec cuts outlook, sees IT buyer caution
molly83 Updated - 18th Sep
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Is the boat of Symantec sinking?
strela825 29th Jul 2010
Just weirdly found out Michael Yell - Country and Regional Director for OEM, XSP and Services Business at Symantec Asia Pacific and Japan, who is also David Freer's closed business partner & personal friend more than decades (from Fujtisu to Symantec) is looking for a CEO/ GM job back to Austrilia. As I know he has worked very hard & finally get the chance to relocate back to Singapore a few months ago, after I reported David Freer. And his wife Jennifer Chan Yell just was eagerly looking for a permanent residence in Singapore. Why is he thinking of leaving? As most OZ people would like to move to Singapore to have higher income as huge tax deductions, that's why David Freer & Suzy Walsham did. That leaves a question: what happened in Japan? The biggest market in APJ? Everyone knows consumer business is the pearls in Symantec CEO's Enrique Salem's eyes, as this is the part he is only familiar with, also as enterprise sucks for the past 6 or 7 quarters. Now the group president of Enterprise left and senior management team is looking for job publicly on linkedin, I am really wondering what's gonna see in the earning results on Wed. Also, a silly question, would someone be able to dedicate to the job & lead the team, while everyone else and himself know he's leaving in 12 months or probably as soon as he found the job?
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RE: Symantec cuts outlook, sees IT buyer caution
hantoyo1@... 29th Jul 2010
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.
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RE: Symantec cuts outlook, sees IT buyer caution
sashamart Updated - 2nd Sep
Why is he thinking of leaving? As most OZ people would like to move to Singapore to have higher income as huge tax deductions, that's why David Freer & Suzy Walsham did. That leaves a question: what happened in Japan? The biggest market in APJ? Everyone knows consumer wedding photographer san francisco
business is the pearls in Symantec CEO's Enrique Salem's eyes, as this is the part he is only familiar with, also as enterprise sucks for the past 6 or 7 quarters. Now the group president of Enterprise left and senior management team is looking for job publicly on linkedin, I am really wondering what's gonna see in the earning results on Wed.
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