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Network Associates Climbs as it Beats Street


Security software company Network Associates (NETA) was up 7.2% in early trading after posting third-quarter results after the close Thursday that trounced analysts' estimates.

Excluding one-time charges, the company earned $8.5 million, or 5 cents per share, well ahead of the breakeven results expected by analysts.

For the fourth quarter, the company expects earnings of 7 to 10 cents a share on revenue of $217 million to $232 million. Excluding its (MCAF) unit, the company expects revenue of $200 million to $215 million. Analsyts are expecting earnings of 5 cents a share, according to Thomson Financial/First Call.

Network Associates said it would cut about 250 jobs in the current quarter as it eliminates an encryption unit and shifts those products to its other brands.

TheStreet Recommends was up 5.2%.