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Veritas makes gains in Q1

Timid on Q2 predictions

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Software maker Veritas saw its first quarter profits come in higher than expected but warned that sales could be harder to come by in the next three months.

For the quarter ended March 31, Veritas generated $394 million in revenue and posted net income of $43 million. That compares with the $370 million and $44 million in net income posted in the same period last year.

Veritas makes the majority of its money selling backup software and products such as its volume manager and file systems for various operating systems. It has worked to generate new sources of revenue with clustering software and sophisticated networked storage management products.

Despite higher than expected gains this quarter, the company said that continued slow IT spending patterns cause it to be cautious about the second quarter. Veritas expects revenue between $370 million and $380 million for the period.

Veritas has surpassed earnings forecasts every quarter since Gary Bloom took the helm in November of 2000. ®

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