Symantec (SYMC) shares are losing ground after hours after the company posted mixed results for its fiscal first quarter ended July 2, as well as disappointing guidance for the September quarter.
The security software company posted FY Q1 revenue of $1.433 billion, flat versus a year ago, or up 2% adjusting for currency, and below the Street at $1.47 billion. Non-GAAP EPS was in line with estimates at 35 cents.
For FY Q2, the company sees revenue of $1.445 billion to $1.465 billion, with non-GAAP EPS of 27-28 cents; that is below the old Street consensus of $1.53 billion and 34 cents.
CEO Enrique Salem said in a statement that the company in the quarter “saw lengthening of procurement cycles driven by continued cautiousness among IT buyers.” He said this particularly hurt the company’s storage management business.
SYMC in late trading is down $1.17, or 8%, to $13.50.
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