Symantec CEO credits enterprise growth amid positive Q1 earnings report

Symantec CEO credits enterprise growth amid positive Q1 earnings report

Summary: Acknowledging demand for cybersecurity products worldwide is certainly helping, Symantec said it will continue to focus on five key product areas.

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Symantec started its fiscal 2015 on a high note with better-than-expected earnings after the bell on Wednesday.

The security software giant reported a net income of $236 million, or 34 cents per share (statement).

Non-GAAP earnings were 45 cents per share on a revenue of $1.735 billion.

Wall Street was expecting earnings of 42 cents per share on a revenue of $1.67 billion.

Pointing toward growth for its enterprise business, CEO Michael Brown outlined Symantec's ongoing investments in five key assets: backup appliances, mobile, advanced threat protection, managed security services and data loss prevention.

"Our backup appliances, Trust Services and data loss prevention businesses also generated robust revenue growth," Brown explained further in the report. "In the last two quarters, we’ve introduced nearly two dozen new or improved products and we’re on track to release almost two dozen more by fiscal year end."

For the current quarter, Wall Street expects Symantec to return with slightly higher earnings at 45 cents per share on a revenue of $1.63 billion.

Symantec followed up with a Q2 guidance range of $1.6 billion to $1.640 billion with non-GAAP earnings between 40 and 44 cents a pop.

For fiscal 2015, Symantec is projecting revenue to fall between $6.63 billion to $6.77 billion and earnings between $1.84 and $1.92 per share.

Topics: Security, Data Management, Enterprise Software, Privacy, Software

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