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Symantec Shows Financial Improvement
Chris Crum
Staff Writer
2006-05-10
 Insider Reports RSS Feed
Things are looking up with Symantec financially, as the company has surpassed the expectations of Wall Street analysts.
Upon news of the company's quarterly profit and revenue, shares jumped up 3%. Could the company's confidence perhaps instill some confidence in shareholders as well? SecurityProNews / WebProNews writer Doug Caverly reports:This boost came at an especially helpful time for Symantec, which has battled stock losses far greater than its chief competitor McAfee (19 percent vs. 5 percent), or even Microsoft, which has fallen by 15 percent. These losses all occurred since Symantec's July acquisition of Veritas for $10.3 billion.
The disturbingly fast drop-off is thought to have taken place due to issues regarding the acquisition, questions regarding Microsoft's place in the security software market, and the exodus of a number of Symantec execs. Symantec also spent considerably more than usual on marketing and sales following the Veritas acquisition. In any case, the company had a good quarter with a revenue increase from $712.7 million to $1.24 billion.
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About the Author:
Chris Crum is a staff writer for SecurityProNews and WebProNews.
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