* First-quarter adj EPS $0.44 vs est $0.36
* First-quarter revenue $1.71 bln vs est $1.64 bln
* Shares up 4 pct after the bell
By Chandni Doulatramani
July 30 Symantec Corp, the maker of
Norton anti-virus software, posted better-than-expected
quarterly results as customers used more of its security
products in the wake of a series of hacking attacks, sending the
company's shares up 4 percent.
Businesses worldwide are spending more on beefing up network
security, using software provided by Symantec and peers such as
AVG Technologies N.V. and McAfee, a unit of Intel Corp
"The threat environment is exploding, and all of these are
new places where hackers can come and do bad things. That's what
is driving the increase in security spending and I see it only
escalating," Chief Executive Steve Bennett told Reuters in an
Earlier this month, Apple Inc had to shut down its
main website for developers after intruders tried to steal
sensitive information, forcing the iPhone maker to overhaul its
database and server software to prevent future breaches.
Gartner expects worldwide security technology and services
market to reach $67.2 billion in 2013, up 8.7 percent from last
"You're seeing demand for security increase across the
board, and Symantec continues to be a major bellwether of
security spending," FBR Capital Markets & Co analyst Dan Ives
"In light of massive PC headwinds, the company continues to
show growth ... I think slow and steady, the Symantec ship is
moving in the right direction," said Ives.
Smaller rival Fortinet Inc reported
better-than-expected quarterly revenue, helped mainly by
increased demand for its network security software from large
Net income fell to $157 million in the first quarter from
$160 million a year earlier.
On a per-share basis, earnings were flat at 22 cents.
Revenue rose 2 percent to $1.71 billion.
Excluding items, the company earned 44 cents per share.
Analysts had expected adjusted earnings of 36 cents per
share, on revenue of $1.64 billion, according to Thomson Reuters
Symantec, which also provides backup and recovery, archiving
and storage management software, said it expects second-quarter
adjusted earnings of 42 cents per share to 44 cents per share,
on revenue of $1.64 billion to $1.69 billion.
Analysts were looking for adjusted earnings of 45 cents per
share, on revenue of $1.71 billion.
Symantec shares rose 4.7 percent to $25.50 in trading after