Feeds

Symantec braces for economic downturn

Precautionary $7bn hit helps boost share price

Providing a secure and efficient Helpdesk

Symantec's operating profits beat Wall Street forecasts, but the firm still recorded a $6.8bn third quarter loss because of write-downs.

The company reported a third-quarter loss of $6.8bn compared to a profit of $132m in the same quarter last year. Sell fell slightly by 0.1 percent to $1.51bn in the the three months running up to 2 January 2009. It was pushed into the red after it took a $7bn charge, equivalent to two-thirds of the goodwill on its books.

Symantec's Veritas line of storage software can help in cost-saving server virtualisation projects, while its line of security software is seen as a necessary business expense even in tough economic times, up to a point. Deferment of e-commerce projects and the like is a factor that's likely to lead to a slowdown in enterprise sales of Symantec's security technology.

The security and compliance (enterprise security) segment of Symantec's business represented 26 percent of sales, but declined five percentage points year on year. By contrast the consumer security segment grew two percentage point to make up 29 per cent of the pie. Storage and server sales rose one percentage point to make up 37 per cent of revenues.

Unlike many technology firms, Symantec's sales expectations for the next three months were in line with analyst estimates at between $1.47bn and $1.52bn, helping its shares to rise three per cent on Wednesday to close at $14.63.

A statement on Symantec's results can be found here. ®

Beginner's guide to SSL certificates

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Hey Brit taxpayers. You just spent £4m on Central London ‘innovation playground’
Catapult me a Mojito, I feel an Digital Innovation coming on
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
EU probes Google’s Android omerta again: Talk now, or else
Spill those Android secrets, or we’ll fine you
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.