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    Symantec Reports Improved Revenue, Lower Profit Margin

    By
    Chris Preimesberger
    -
    January 26, 2011
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      In its fiscal third-quarter earnings report on Jan. 26, data protection provider Symantec had some good news and some not-so-good news: It reported a 4 percent increase in its overall revenue but also that its profit margin slipped 56 percent from a year ago.
      Nonetheless, the company’s quarterly earnings per share (17 cents) exceeded Wall Street analysts’ expectations.
      Symantec attributed the profit percentage decrease to higher operational costs due to recent acquisitions.
      In the quarter, the company’s VeriSign security acquisition generated revenue of $48 million and the PGP and GuardianEdge acquisitions generated total revenue of $18 million.
      The diversified Mountain View, Calif.-based company reported net income for its third quarter ended Dec. 31 of $132 million, compared with $301 million for the same quarter in 2010.
      Consolidated GAAP (Generally Accepting Accounting Principles) revenue for the fiscal third quarter was $1.604 billion, up 4 percent year over year-5 percent after adjusting for currency exchanges.
      In the quarter, Symantec’s consumer segment represented 31 percent of total revenue and increased 4 percent year over year. Its security and compliance segment represented 26 percent of total revenue and increased 13 percent year over year.
      Symantec’s storage and server management businesses represented 37 percent of total revenue and increased 1 percent year over year. Services, which have been a concern in recent months, represented 6 percent of total revenue and declined 17 percent year over year.
      Symantec also said that it will undertake a $1 billion stock repurchase initiative. During the third quarter of fiscal year 2011, the company repurchased about 16 million shares for $265 million at an average price of $17.03. Symantec has $1.06 billion remaining in the stock repurchase program.
      Symantec’s stock price was up about 2.5 percent in after-hours trading to $18.25 following the report.

      Chris Preimesberger
      https://www.eweek.com/author/cpreimesberger/
      Chris J. Preimesberger is Editor Emeritus of eWEEK. In his 16 years and more than 5,000 articles at eWEEK, he distinguished himself in reporting and analysis of the business use of new-gen IT in a variety of sectors, including cloud computing, data center systems, storage, edge systems, security and others. In February 2017 and September 2018, Chris was named among the 250 most influential business journalists in the world (https://richtopia.com/inspirational-people/top-250-business-journalists/) by Richtopia, a UK research firm that used analytics to compile the ranking. He has won several national and regional awards for his work, including a 2011 Folio Award for a profile (https://www.eweek.com/cloud/marc-benioff-trend-seer-and-business-socialist/) of Salesforce founder/CEO Marc Benioff--the only time he has entered the competition. Previously, Chris was a founding editor of both IT Manager's Journal and DevX.com and was managing editor of Software Development magazine. He has been a stringer for the Associated Press since 1983 and resides in Silicon Valley.

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