Symantec cuts outlook, sees IT buyer caution
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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.