Symantec Scorched by Sales Shortfall

Updated from 12:43 9.m. EDT

Shares of software maker Symantec (SYMC Quote) plunged Thursday as investors reacted to the firm's fourth-quarter results.

Weighed down by foreign exchange pressures, the security specialist missed Wall Street's revenue estimate when it reported its results late Wednesday. The firm posted fourth-quarter sales of $1.47 billion, down from $1.54 billion in the same period last year, and below analysts' projection of $1.52 billion.

Symantec, which competes with McAfee (MFE Quote) and Microsoft (MSFT Quote), also felt the effects of a $7.4 billion goodwill impairment charge, which impacted its fourth-quarter figures by $400 million. As a result, the firm swung to a loss of 30 cents a share from earnings of 22 cents in the prior year's quarter.

The results did little for the company's share price, which plummeted 14.8% to $14.99, far outpacing the broader decline in tech stocks that saw the Nasdaq slip 1.87%.

It wasn't all doom and gloom, however. Excluding charges, Symantec posted earnings of 38 cents a share, up 6% on the same period last year, and above analysts' estimate of 35 cents.

Symantec actually had a good March quarter in spite of the economy, according to Daniel Ives, an analyst at FBR Capital Markets. Specifically the analyst pointed to strength in Symantec's consumer business, where sales grew 4% in constant currency to $443 million.

"Overall, we would characterize these results as commendable," he wrote, in a note released Thursday. "Despite some bear chatter, the all-important consumer business posted a very good quarter."