The security and storage specialist anticipates fourth-quarter revenue of $1.68 billion, below its prior guidance of $1.72 billion to $1.73 billion and nearly flat with a total of $1.67 billion in the year-ago quarter. Analysts surveyed by Thomson Reuters were looking for sales of $1.73 billion.
|Symantec preliminary fourth-quarter results on Tuesday.|
"A greater percentage of enterprise subscription contracts resulted in higher deferred revenue than expected," said Enrique Salem, the Symantec CEO, in a statement. "We experienced weaker than expected license performance due to fewer license rich storage and server management deals in the quarter compared to the year ago period."
Symantec shares slid $1.44, or 7.97%, to $16.63 ahead of the opening bell. Based on Monday's regular-session close at $18.07, the stock was up 15.5% so far in 2012.Excluding items, Symantec now expects fourth-quarter earnings of 38 cents a share, down from its prior forecast of 41 to 42 cents a share. Analysts were looking for earnings of 42 cents a share. --Written by James Rogers in New York. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: email@example.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV