This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Symantec Slumps on Shrinking Profit From Reorganization

Stocks in this article: SYMC

NEW YORK ( TheStreet) -- Symantec (SYMC - Get Report) comfortably beat Wall Street's estimates in its fourth-quarter results Tuesday even as the computer security software maker's shares slumped on falling profit.

The Mountain View, Calif.-based firm brought in revenue of $1.748 billion, a 4% hike on the prior year's quarter, or 5% adjusted for the effects of currency. Analysts surveyed by Thomson Reuters were looking for sales of $1.727 billion.

Excluding items, Symantec earned 44 cents a share, up from 38 cents a share in the year-ago quarter and above analysts' forecast of 38 cents a share.

Symantec, which is in the throes of a major restructuring effort, reported GAAP net income of $188 million, down from $559 billion in the prior year's quarter.

The company's shares, which gained 0.6% to reach $25.1 during Tuesday's session, plunged 6.37% to $23.50 in extended trading.

For the full fiscal year, Symantec's GAAP net income plunged to $765 million from $1.172 billion in the prior year. In a statement released after market close, the company said that its numbers were as expected, and were driven partly by the sale of its Huawei joint venture.

"Our focus on operational change and repositioning the business in fiscal year 2014 will set the foundation to drive better execution long-term," said Steve Bennett, the Symantec CEO, in the statement. "Never have I been more optimistic about the opportunity in front of us to make a difference for our employees, customers and shareholders."

During the fourth quarter, revenue from Symantec's Security and Compliance business increased 2% year over year, or 4% adjusted for the effects of currency. Storage and Server Management sales grew 7% year over year on both an actual and a currency-adjusted basis, while Consumer grew 1%, or 3% after adjusting for currency.

--Written by James Rogers in New York.

>To submit a news tip, send an email to: tips@thestreet.com.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,259.87 -156.98 -0.90%
S&P 500 2,008.79 -12.46 -0.62%
NASDAQ 4,668.2420 -15.1650 -0.32%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs