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Symantec's bottom line improves

by on03 August 2017


Raises revenue forecast

Maker of the somewhat clunky Norton software, Symantec raised its full-year adjusted revenue forecast above what the cocaine nose jobs of Wall Street predicted.

 The cyber security provider benefited from strong demand in its enterprise division whose sales, jumped 34 percent to $646 million in the first quarter.

The company is getting a lift from a spate of cyber attacks since the "WannaCry" incident in May that infected more than 300,000 computers across the globe.

Symantec has also been making strategic purchases to strengthen offerings across its enterprise and consumer divisions.

Excluding items, Symantec reported a profit of 33 cents per share and revenue of $1.23 billion in the first quarter ended June 30.

Analysts on average had expected a profit of 31 cents per share, according to Thomson Reuters I/B/E/S.

Symantec raised its full-year adjusted revenue forecast to range between $5.16 billion and $5.26 billion, from earlier expectations of $5.10 billion to $5.20 billion.

Excluding items, the company said it expects to report earnings of between $1.79 per share and $1.89 per share, up from its earlier expectation of $1.75 per share to $1.85 per share.

Analysts on average were expecting revenue of $5.15 billion and profit of $1.79 per share.

Up to Wednesday's close, Symantec's shares had risen nearly 31 percent this year.

Last modified on 03 August 2017
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