Symantec's shares slide on low sales forecast


Symantec's shares slide on low sales forecast

Antony Savvas

Symantec has cut its sales forecast for the full year, prompting a 9% fall in its share price.

Earlier this week, Dell cut its sales and profit forecast for the third quarter, precipitating a 5% share price fall. Hitachi also posted a half-year loss this week.

The results reflect a tight IT market with most firms struggling to increase margins.

Symantec posted a second-quarter net loss for the period to 30 September of $251m (£148m), compared with a $135m net profit for the same quarter last year.

The quarter's net loss included $284m in costs related to Symantec’s multibillion-dollar acquisition of data storage company Veritas.

Symantec's sales for the quarter increased to $1.19bn (£700m) from $1.10bn. But for the full year the company forecast revenue of $5bn, which was below both Wall Street estimates and previous company forecasts.

Email Alerts

Register now to receive IT-related news, guides and more, delivered to your inbox.
By submitting your personal information, you agree to receive emails regarding relevant products and special offers from TechTarget and its partners. You also agree that your personal information may be transferred and processed in the United States, and that you have read and agree to the Terms of Use and the Privacy Policy.

COMMENTS powered by Disqus  //  Commenting policy