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Symantec Can't Meet Financial Expectations
Chris Crum
Staff Writer
2005-11-02
 Insider Reports RSS Feed
Symantec shares have fallen since the company announced that it was lowering its sales outlook for the year, and that it took a loss in the second quarter.
One reason cited for this is the delayed release of the company's 2006 Norton Internet Security. Another reason for the loss is the $10.25 billion expense of acquiring Veritas. Reuters writes:
Excluding items, the Cupertino, Calif.-based company posted a profit of $273 million in the quarter, or 23 cents per share, driven by large deals. This was up from $235 million, or 19 cents per share, on a combined basis the year before.
On that basis, analysts on average were expecting Symantec to post a per-share profit of 20 cents, according to Reuters Estimates.
The company expects to make 25 cents a share in the third quarter, and 19 cents a share for the year. These figures are also below expectations of Wall Street analysts.
About the Author:
Chris Crum is a staff writer for SecurityProNews and WebProNews.
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