McAfee Posts Q4 Increase as Intel Acquisition Looms
With its planned acquisition by Intel not far ahead, McAfee posted fourth-quarter 2010 revenue of $550 million.
The figure represents an increase of 5 percent year-over-year. The company also posted a net income of roughly $60.6 million for the quarter, up from $54.5 million in 2009. All totaled, McAfee's 2010 revenues reached $2.1 billion, an increase of 7 percent from 2009.
"Our performance accelerated throughout the year, and we ended the fourth quarter achieving very strong record results," said Dave DeWalt, CEO of McAfee, in a statement. "As we enter 2011, the momentum we have in our business serves as strong validation of our strategy and the confidence that our customers, partners and employees have in the proposed combination of McAfee and Intel."
Intel announced plans to acquire McAfee for $7.68 billion in August 2010. At the time, Intel CEO Paul Otellini said the buy would "accelerate and enhance the combination of hardware and software solutions, improving the overall security of our platforms."
In the ensuing months however, the company's plans ran into snags with the European Commission, which handles antitrust issues. Late last month, the commission agreed to allow the acquisition to go forward, stating concessions by Intel would ensure fair competition in the market. The acquisition is on track for the first quarter of 2011, McAfee said.
"Looking forward, we expect to continue to define the marketplace with our comprehensive portfolio of endpoint, network and cloud-based security technologies," DeWalt said. "With the proliferation of IP connected devices and continued growth in the security threat landscape, McAfee is very well-positioned to further expand the global reach of our security protection driven by growth trends in mobility, virtualization and embedded devices."