Symantec Sees Growth in Q3

Symantec beat both its own predictions and forecasts by analysts in its latest earnings report.

Symantec beat revenue forecasts for the third quarter of fiscal year 2008 with a revenue increase of about 7 percent.

The company earned $1.52 billion in revenue during the fiscal year that ended in December, beating predictions of analysts polled by Thomson Financial who projected that the company would make $1.45 billion in revenue. Symantec itself had forecasted a profit of 25 cents to 30 cents per share on revenue of $1.43 billion to $1.47 billion.

Symantec's reported net income rose to $132 million, or 15 cents per share, in its fiscal third quarter, from $117 million, or 12 cents per share, during the same period a year prior.

Company officials cited the success of a number of key product areas that saw double-digit growth, including e-mail archiving, messaging, compliance and its Windows-based backup products.

"I'm awfully, awfully proud of our team and the results they delivered in the December quarter," said CEO John Thompson in a conference call.

Read more here about Symantec's acquisition of Vontu.

In November, Symantec bought data loss prevention company Vontu for $350 million, and officials touted the acquisition during the call. The company is assessing its product portfolio, Thompson said, which led to the announcement last week that Symantec plans to sell its application performance management business toVector Capital, a private equity firm.

"We will continue to support our customers for a period of time as they transition to the new company and its support operation," he said. "Through this product portfolio process, we expect to eliminate or harvest lower growth businesses or products with lower operating returns than we think are appropriate for a company."