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Symantec posts profits warning

Antony Savvas

Internet security firm Symantec has issued a sales and profits warning - and seen its share price fall by 8%.

The firm, which fears that its share of the anti-virus and general security software market could be affected by new rival products from Microsoft, has cut its full-year targets after warning of a weak third quarter.

Symantec said weak sales and higher costs would lead to net profits coming in at between 10 and 11 cents a share, for the third quarter ending 29 December. The previous company forecast had been for 14 to 15 cents.

As a result, Symantec forecast that full-year profits would be between 36 and 39 cents a share, down from the 46 to 56 cents previously estimated.

The firm also estimated that third-quarter sales might be as low as $1.29bn (£678m), compared with the $1.35bn forecast.

Final results for the third quarter will be released on 24 January.

Microsoft launches Forefront Security beta

Symantec enterprise security product roadmap

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