Symantec profits slump

Symantec has posted a first quarter fall in net profits, which it has blamed on the cost of its takeover of Veritas a year ago.

Symantec has posted a first quarter fall in net profits, which it has blamed on the cost of its takeover of Veritas a year ago.

Net income for the first quarter ended 30 June fell to $95m (£54m) from the $199m posted a year ago.

Symantec bought storage software company Veritas in a $10.3bn deal last July. Questions were asked at the time as to whether the acquisition would add enough value to Symantec’s balance sheet.

Symantec is also facing a challenge from Microsoft, which intends to start marketing its own consumer and enterprise security offerings.

Symantec’s sales were almost static for the quarter, rising to $1.28bn from the $1.26bn posted for the same quarter a year ago.

 

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