Story updated with stock repurchase information.
SANTA CLARA, Calif. (
and gave bullish guidance for the current quarter.
The security software maker also announced the retirement of CFO/COO Rocky Pimentel, who will be leaving the company later this year. McAfee said it has already started searching for a new CFO and expects to make the hire before the end of this year. Pimentel will remain in his role to help ease the transition.
McAfee reported revenue of $525.7 million after market close, up from $424 million in the same period last year and well above analysts' forecast of $514.81 million.
McAfee's CEO, Dave DeWalt
Excluding items, McAfee earned 64 cents a share, up from 53 cents a year in the prior year's quarter. Analysts surveyed by Thomson Reuters had predicted earnings of 64 cents a share.
For the current quarter, McAfee expects revenue between $500 million and $520 million, at the high end of Wall Street's forecast of $507.3 million. Excluding items, the company forecast profit between 60 cents a share and 64 cents a share, compared to analysts' estimate of 63 cents a share.
Repeatedly highlighted as
was one of
top tech picks for 2009
Seen as one of the
stocks, McAfee has been
"We increased market share in all four quarters
of fiscal 2009," said CEO Dave DeWalt during a conference call after market close on Thursday. "Revenue reached $1.9 billion, an increase of 20% over 2008."
The company also announced a stock repurchase program of up to $500 million through December 2011.
McAfee's shares, however, dipped 24 cents, or 0.63%, to $37.65 in extended trading.
-- Reported by James Rogers in New York
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