Symantec Blows Past Estimates

Updated from 4:32 p.m. EDT

Investors sent shares of Symantec(SYMC Quote - Cramer on SYMC - Stock Picks) soaring late Wednesday after the company shredded analyst expectations and delivered a rosy outlook for the second quarter.

Shares of Symantec jumped $1.91, or 9.6%, to $21.87 in after-hours trading.

The security software maker said net income for the first quarter was $95 million, down from $101 million over the comparable period a year ago. The company took a $19 million restructuring charge related to job cuts that it had announced in February.

Excluding items, Symantec posted earnings of 29 cents a share, compared with 24 cents a share the year-before. Analysts polled by Thomson Financial were expecting 20 cents a share.

Revenue for the quarter 10% to $1.42 billion, higher than analyst expectations of $1.32 billion.

Deferred revenue at the end of the quarter reached $2.71 billion, up 16% compared to $2.34 billion at the end of the June 2006 quarter.

At its annual analyst meet last month, Symantec presented an upbeat note to analysts and said it has made changes across the company that should pay off for investors .

The strong performance of its key business segments in the first quarter shows Symantec's efforts may be bearing fruits, said John Thompson, CEO of Symantec.

Symantec's consumer segment represented 30% of total revenue in the quarter and grew 11% year-over-year.

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