Symantec Sees Revenue Jump in 3Q

By Dennis Fisher  |  Posted 2002-10-16 Print this article Print

Symantec reported strong 3Q earnings, highlighted by a 34 percent jump in revenue.

Symantec Corp. on Wednesday reported strong third-quarter earnings, highlighted by a 34 percent jump in revenue to $325 million from $242 million a year ago. Earnings per share grew to $0.33 from a loss of $0.08 per share in the third quarter of 2001. Officials for the Cupertino, Calif., security vendor said there was no single reason for the large increase in sales and that the revenue numbers were driven by strength in both the consumer and enterprise portions of the business. Symantec officials also said that they expect the fourth quarter to be just as strong.
"We feel very good about the quarter were in right now," said John Schwarz, president and chief operating officer at Symantec. "The business is really running very well right now. It was just solid, across the board performance."
The company also raised its revenue guidance for the full year to $1.33 billion and earnings of $1.55 per share. Schwarz said the company was pleasantly surprised by the growth rate in its consumer business, which grew 68 percent during the quarter, and accounted for 38 percent of total revenue. Meanwhile, the enterprise division grew 30 percent compared to the same period last year, including a 102 percent increase in sales of the companys managed security services. "The enterprise business is finally running at the pace we expected," Schwarz said. "Enterprise customers clearly are spending money, both on existing projects and on new ones." Related Stories:
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