Symantec woes spur spending diet
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For Symantec, first comes the profit warning then comes the spending diet.
Symantec delivered a clunker of a fiscal third quarter and said it's going to cut $200 million in expenses.
"With a disappointing quarter behind us, we are m![Symantec woes spur spending diet](https://www.zdnet.com/a/img/2014/10/04/f7cfdd3e-4bcb-11e4-b6a0-d4ae52e95e57/johnthompsonlg.jpg)
Specifically, Symantec "has identified a number of areas to achieve its target: reduce new hires; reduce contractor and consulting spending; reduce travel spending; consolidate additional facilities; and reduce the current workforce in certain business functions and geographies."
In other words, Symantec got a little bloated. On a GAAP (generally accepted accounting principles) basis, the company reported net income of $114 million, or 12 cents a share, on revenue of $1.3 billion. Non-GAAP earnings were 26 cents a share, a penny better than lowered estimates.
For the fiscal fourth quarter ending March 30, Symantec projects revenue between $1.24 billion and $1.27 billion. Earnings are projected to be between 4 cents a share and 6 cents a share. Non-GAAP earnings per share are expected to be 18 cents and 20 cents. Thomson Financial estimates call for 21 cents a share.