McAfee reports profit dip
Security specialist warns over ongoing accounting probe
Net security firm McAfee reported reduced quarterly profits on Thursday. The company also warned it may have to restate past financial results because of a previously announced ongoing investigation into its stock option practices.
For the quarter to 30 June, McAfee reported preliminary Q2 2006 profits of $31.4m, down from $41.7m on the same quarter last year. Q2 revenues were $277m, up from $245m in Q2 2005. McAfee expects full year 2006 revenues of between $1.05bn and $1.15bn.
McAfee cautions that its financial statements between 2003 and 2005 can no longer be regarded as definitive as it may have to restate its results. The security firm - like rival Symantec - faces pressure from Microsoft's entry into the consumer security market. But the firm's ability to add new consumer customers despite this has reassured investors, leaving McAfee's share price unchanged. ®
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