Symantec Q1 Misses, Q2 Forecast Light; Stock Off Seven Percent
Computer security software maker Symantec (SYMC) this evening reported fiscal Q1 sales and earnings that missed estimates and forecast Q2 revenue and profit below estimates.
Non-GAAP revenue of $1.44 billion was down 13 percent, year over year, and slightly below the $1.49 billion analyst estimate, while profit per share of 34 cents was a penny light of estimates.
Forex played a big role, with sales down only 4 percent when measured in constant-currency terms.
The company forecast Q2 sales of $1.4 billion to $1.45 billion, below the roughly $1.5 billion estimate on the Street. Earnings per share excluding some costs is expected to be between 32 cents and 34 cents, below the average 36-cent estimate.
