Symantec’s net income soars 82pc in Q3

26 Jan 2012

Computer security software maker Symantec Corp experience a boost of 82pc in its net income during the third quarter.

Net income in the three months ending 30 December 2011 rose to US$240m, or 32 cents per share, up from $132m, or 17 cents per share during the same period a year ago.

Excluding the amortisation of intangible assets, stock-based compensation costs and other items, adjusted earnings came to US42 cents per share.

Revenue jumped 7pc to US$1.72bn from US$1.60bn.

Cash flow from operating activities for the third quarter of fiscal year 2012 was US$403m compared with US$460m for the year-ago period. Symantec ended the quarter with cash, cash equivalents and short-term investments of US$2.380bn.

“Through consistent execution of our strategy, we met or exceeded revenue and earnings for the sixth consecutive quarter,” said Enrique Salem, president and chief executive officer, Symantec.

“With unprecedented information growth and the increasingly toxic threat landscape, customers understand the value of our portfolio and we continue to see good demand for our products and services across all geographies.”

James Beer, executive vice president and chief financial officer of Symantec said the company delivered record December quarter revenue and deferred revenue, as well as double digit earnings per share growth.

“Our results were driven by strength in data loss prevention, authentication, managed security services and backup,” Beer said. “Due to effective cross-selling of our industry-leading portfolio, large deals hit an all-time high.”