McAfee Flops on Warning

The security software company says fourth-quarter earnings will fall short of Street estimates.
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Security software maker

McAfee

(MFE)

on Monday warned that it would fall short of fourth-quarter earnings and revenue estimates.

The news sent shares spiraling down $3.78, or 13.7%, after hours to $23.85.

The Santa Clara, Calif., company said it expects EPS to be between 16 cents and 20 cents for the fourth quarter on revenue of $254 million.

Excluding items, the company forecast earnings between 25 cents and 27 cents. Analysts were looking for earnings of 37 cents on revenue of $275.8 million, according to Thomson First Call, for the quarter ending Dec. 31.

The stock closed the regular session up 2.6% to $27.63.

McAfee is scheduled to report earnings on Feb. 9 after the closing bell.