(Compares with estimates, adds details about results and share
By Lehar Maan
Aug 6 Symantec Corp, best known for its
Norton antivirus software, reported better-than-expected
quarterly revenue as more customers renewed their subscription
and due to higher demand from federal agencies.
Symantec is benefiting from higher spending by companies on
security software to protect their network and data from
sophisticated hacking attacks and malware.
Rival FireEye Inc on Tuesday forecast revenue for
the current quarter that exceeded analysts' expectations.
Symantec's net income rose to $236 million, or 34 cents per
share, in the first quarter ended July 4, from $157 million, or
22 cents per share, a year earlier.
On an adjusted basis, the company reported a profit of 45
cents per share.
Symantec, whose security products usually come bundled with
PCs, said revenue rose to $1.74 billion from $1.71 billion.
Analysts had expected a profit of 42 cents per share on
revenue of $1.67 billion, according to Thomson Reuters I/B/E/S.
"Symantec is being helped by a strong secular trend around
cyber security spending although questions remain around the
company since the exit of former CEO Steve Bennett," FBR Capital
Markets analyst Daniel Ives said in an email.
Symantec fired Bennett in March, the second time it has
sacked its top executive in a little more than two years.
Symantec said last month it was in talks with Chinese
authorities following reports that China had banned use of one
of its products, data loss prevention software.
Earlier this week, the company said ban only affected some
types of products.
The company forecast an adjusted profit of 40-44 cents per
share on revenue of $1.60 billion to $1.64 billion for the
Analysts were expecting a profit of 45 cents on revenue of
Symantec's shares closed at $23.73 per share on the Nasdaq
on Wednesday. They were marginally down at $23.70 in
(Reporting By Lehar Maan in Bangalore; Editing by Sriraj
Kalluvila and Maju Samuel)