Symantec reports 4pc decrease in revenue but higher net income

24 Oct 2013

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Security software firm Symantec’s revenue for its second quarter of fiscal year 2014 dropped 4pc year-over-year to US$1.64bn, however, net income totalled US$241m, compared with US$189m for the year-ago period.

The company’s diluted earnings per share amounted to US$0.34, up 26pc year-over-year.

Symantec’s operating margin was 15.1pc, compared with 17.5pc for the year-ago quarter.

Deferred revenue as of 27 September 2013 totalled US$3.50bn, compared with US$3.62bn as of 28 September 2012, down 3pc year-over-year.

Cash flow from operating activities reached US$191m, up 7pc year-over-year.

“We fell short on revenue in the September quarter, but over-delivered on operating margin and EPS,” said Drew Del Matto, acting chief financial officer, Symantec. “Due to the second-quarter shortfall and the significant changes we are driving, we are lowering our FY14 guidance.”

For fiscal 2014, Symantec expects revenue to decline 3pc-4pc in constant currency, non-GAAP operating margin to expand by 30 to 60 basis points, and non-GAAP earnings per share to be between -1.0pc and 1.5pc compared to the prior fiscal year.

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Tina held senior editorial positions at daily newspapers in Ottawa and Toronto

editorial@siliconrepublic.com