Symantec (SYMC) Stock Gaining, Q1 Guidance in Line

Symantec (SYMC) stock is advancing on Friday morning as the company reported weaker-than-expected results for the 2016 fiscal fourth quarter, but provided a Q1 forecast that matched expectations.

Author:: Kaya Yurieff
Publish date:: May 13, 2016 11:14 AM EDT

NEW YORK (TheStreet) -- Shares of Symantec (SYMC) - Get Report are increasing by 1.42% to $17.14 on Friday morning, after the Mountain View, CA-based company reported lower-than-expected results for the 2016 fiscal fourth quarter, but provided an outlook that matched analysts' expectations.

After yesterday's closing bell, the company said it sees earnings per diluted share between 24 cents and 26 cents on revenue of $865 million to $895 million for the 2017 fiscal first quarter.

Analysts are looking for earnings of 26 cents per share on revenue of $884.3 million.

For the 2016 fiscal fourth quarter, the cyber-security software company posted earnings of 22 cents per diluted share, missing analysts' estimates by one cent.

Revenue fell by 3% to $873 million year-over-year and did not meet Wall Street's estimates of $878.7 million.

At the end of last month, Symantec updated its guidance for the quarter and said it expected to report earnings of 22 cents per share on revenue of $873 million.

Additionally, the company said it is slashing about 10% of its workforce as it reorganizes its business, Bloomberg noted.

Pacific Crest maintained its "sector weight" rating on the stock following the results.

"The story remains consistent around new products, enhanced go-to-market strategy, improving cost structure and efficient allocation of capital," the firm wrote in a note.