Shares of Symantec(SYMC Quote) were among technology's losers Wednesday, falling 19% after the company posted solid second-quarter results but issued a weaker-than-expected third-quarter forecast.
The security-software company reported a loss of $251 million, or 21 cents a share, on sales of $1.05 billion, for the second quarter ended Sept. 30. On a pro forma basis, which excludes a number of one-time items and $136 million of deferred revenue related to the company's acquisition of Veritas Software, Symantec would have earned $273 million, or 23 cents a share, on sales of $1.19 billion. Analysts polled by Thomson First Call anticipated earnings of 20 cents a share and sales of $1.19 billion.
Symantec forecast third-quarter pro forma earnings of 25 cents a share, below analysts' mean estimate of 27 cents a share. The company sees sales of $1.26 billion, compared with Wall Street's target of $1.35 billion. For all of fiscal 2006, the company expects pro forma earnings of 99 cents a share and sales of about $5 billion. Analysts had forecast earnings of $1 a share and sales of $5.15 billion. Shares were trading down $4.53 to $19.47. ...
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