Symantec cuts outlook, sees IT buyer caution

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.