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Symantec tops Q3 targets, CFO to step down

The cybersecurity company also raised its guidance for the fiscal year.
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Written by Natalie Gagliordi, Senior Writer on

Symantec published better-than-expected third quarter results on Thursday and raised its revenue guidance for the fiscal year. The cybersecurity company posted Q3 non-GAAP earnings per share of 44 cents on revenue of $1.21 billion.

Wall Street was looking for earnings of 39 cents per share on revenue of $1.18 billion. Shares of Symantec were up more than 5 percent after hours.

For Q4, Symantec now expects non-GAAP earnings between 37 cents and 41 cents on revenue between $1.185 billion and $1.215 billion. Analysts are expecting non-GAAP earnings per share of 38 cents on revenue of $1.21 billion.

"We achieved operating results in line or above guidance, while delivering strong cash flow from operations," said Symantec CEO Greg Clark, in prepared remarks. The company ended the quarter with $2.31 billion in cash and equivalents. 

Symantec also announced that its chief financial officer Nicholas Noviello is stepping down. He'll remain with the company until a successor is appointed.

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