The acquisition of Blue Coat appears to be paying off for Symantec as the company reported better-than-expected financial results. The earnings led a series of better-than-expected enterprise tech earnings.
Symantec reported a second quarter net loss of $144 million, or 23 cents a share, on revenue of $979 million, up 8 percent from a year ago. Non-GAAP earnings for the fiscal second quarter were 30 cents a share.
Wall Street was looking for second quarter earnings of 20 cents a share on revenue of $978.8 million.
The results reflect that acquisition of Blue Coat. Greg Clark, CEO of Symantec, said the company's sales team is selling the combined product portfolio.
As for the outlook, Symantec projected the following results with enterprise security product demand surging.
Among other notable enterprise tech vendors:
Cornerstone OnDemand reported a third quarter net loss of $12.4 million, or 22 cents a share, on revenue of $107.8 million, up 23.5 percent from a year ago. Non-GAAP earnings for the third quarter was 11 cents a share.
Wall Street was expecting Cornerstone to report a non-GAAP loss of a penny a share on revenue of $104.6 million. CEO Adam Miller said the company did well honing its operations and investing in future products.
The company projected fourth quarter revenue of $108 million or $110 million. For the year, Cornerstone sees revenue of $422 million to $424 million with non-GAAP earnings of 4 cents a share.
Hortonworks said it passed the 1,000 customer mark as it reported a mixed third quarter. The Hadoop distributor reported a third quarter net loss of $64.7 million, or $1.10 a share, on revenue of $47.5 million, up 47 percent from a year ago. The non-GAAP loss for the third quarter was 68 cents a share. Wall Street was looking for a non-GAAP loss of 66 cents a share on revenue of $45.16 million.
The company said its fourth quarter revenue will be $48 million with annual sales of $180.5 million.
Arista Networks reported third quarter earnings of $51.3 million, or 69 cents a share, on revenue of $290.3 million, up 33.4 percent from a year ago. Non-GAAP earnings were 83 cents a share. Wall Street was looking for non-GAAP second quarter earnings of 73 cents a share on revenue of $283.4 million.
For the fourth quarter, Arista projected revenue between $310 million and $320 million.