Symantec Posts Profitable Q4
Symantec posted a strong fourth quarter for fiscal 2010 on the back of strong consumer sales.
In its earnings announcement May 5, Symantec said revenue rose 3 percent to $1.535 billion for the quarter, reaching $6.01 billion for the fiscal year. The strongest growth occurred in the consumer segment, which "represented 31 percent of total non-GAAP [Generally Accepted Accounting Principles] revenue and increased 9 percent year over year."
The company's security and compliance segment increased 2 percent year over year, storage and server management declined 1 percent, and the services segment increased 8 percent.
"We closed our fiscal year achieving better-than-expected results on our key financial metrics in the fourth quarter," said Enrique Salem, CEO of Symantec. "Sales activity continued to improve as the team utilized the broader Symantec portfolio to take advantage of cross-sell and up-sell opportunities. We drove continued improvement in our execution and results this year, positioning the company well for fiscal year 2011 as we focus on making it simpler for customers to secure and manage their information."
On April 29, Symantec announced it would buy encryption vendors PGP and GuardianEdge Technologies for $300 million and $70 million, respectively. The deals are expected to close later in 2010.