Symantec beats 2Q profit, sales expectations

Associated Press

MOUNTAIN VIEW, Calif. (AP) — Computer security company Symantec Corp. said Wednesday that its fiscal second-quarter net income rose 6 percent from a year ago as revenue ticked higher.

The results topped Wall Street forecasts and Symantec's stock rose more than 7 percent in after-hours trading on the news.

Net income in the three months to Sept. 28 rose to $193 million, or 27 cents per share, from $182 million, or 24 cents per share, a year ago.

Adjusted to exclude the cost of stock-based compensation, restructuring and other costs, adjusted earnings came to 45 cents per share, beating the 37 cents expected by analysts polled by FactSet.

Revenue rose 1 percent to $1.70 billion, which also beat the $1.66 billion expected by analysts.

For the current quarter through the end of the year, Symantec expects adjusted earnings per share of 36 cents to 38 cents per share. Revenue is seen flat to up 2 percent from a year ago at $1.72 billion to $1.75 billion.

Analysts were looking for third-quarter earnings of 42 cents per share on revenue of $1.72 billion.

Symantec's stock rose $1.26 cents to $18.64 in extended trading following the release of the earnings report. It closed up a penny in regular trading at $17.38.