Symantec Quarterly Profits Down Slightly, but Revenue Up

Data protection and software management provider Symantec on May 11 reported a 9 percent decline in its profits for its fourth-quarter 2011 earnings, but the company still bettered Wall Street analysts’ projections.
The Mountain View, Calif.-based company that makes the popular Norton Security Suite cleared $168 million (22 cents per share) for the three-month period ending April 1, compared with earnings of $184 million (23 cents) for the same period a year ago.
Revenue improved to $1.67 billion, a 9 percent improvement from $1.53 billion last year and $70 million more than analysts had told their clients to expect to see.
Symantec’s sales of new licenses climbed 11 percent to $280 million, indicating strength in potential future business from maintenance and product upgrades.
In the fiscal year it just finished, Symantec earned $597 million, or 76 cents per share, on revenue of $6.2 billion. That compared with net income of $714 million, or 87 cents per share, on revenue of $5.99 billion in the previous year.
The company’s stock was flat at $19.41 in extended trading after the quarterly results were reported. Shares were down slightly (15 cents) to close at $19.41 in the regular day session.