Symantec notes continued cautiousness among IT buyers

Longer procurement cycles significantly impacted the company's storage management results

Global provider of security, storage and systems management solutions Symantec saw longer procurement cycles due to continued cautiousness among IT buyers.

The company recently reported the results of its first quarter of fiscal year 2011, ended 2 July 2010. The report shows that the generally accepted accounting principles (GAAP) revenue for the fiscal first quarter was US$1.433 billion, flat versus the comparable period a year ago.

Double-digit growth

Enrique Salem, president and chief executive officer, Symantec, said the longer procurement cycles significantly impacted the company's storage management results.

Despite the storage management results, Symantec is optimistic about the strength it saw in the public sector as well as with its data loss prevention solutions. There is good news from Symantec's software-as-a-service offerings as they posted double-digit growth while expanding in this high-growth market.

"On a constant currency basis, we saw year-over-year revenue growth across all of our geographies and solid deferred revenue performance," said James Beer, executive vice president and chief financial officer, Symantec. "We also saw continued growth in our consumer business as we finalised the successful transition to our in-house e-commerce platform."

GAAP net income

Symantec reports that GAAP operating margin for the first quarter of fiscal year

2011 was 13.5 per cent and GAAP net income for the fiscal first quarter was US$161 million compared with net income of US$74 million for the same quarter last year.

As of 2 July 2010, GAAP deferred revenue was US$2.998 billion compared with US$2.973 billion as of 3 July 2009. Cash flow from operating activities for the first quarter of fiscal year 2011 was US$335 million, says Symantec that ended the quarter with cash, cash equivalents and short-term investments of US$2.739 billion.

According to Symantec, non-GAAP operating margin for the first quarter of fiscal year 2011 was 26.5 per cent and non-GAAP net income for the first quarter was US$284 million. Also, non-GAAP diluted earnings per share were 35 US cents compared with earnings per share of 33 US cents for the year-ago quarter.

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Anuradha Shukla

Unknown Publication
Topics: symantec, security
Comments are now closed.

Latest News Articles

Most Popular Articles

Follow Us

GGG Evaluation Team

Kathy Cassidy

STYLISTIC Q702

First impression on unpacking the Q702 test unit was the solid feel and clean, minimalist styling.

Anthony Grifoni

STYLISTIC Q572

For work use, Microsoft Word and Excel programs pre-installed on the device are adequate for preparing short documents.

Steph Mundell

LIFEBOOK UH574

The Fujitsu LifeBook UH574 allowed for great mobility without being obnoxiously heavy or clunky. Its twelve hours of battery life did not disappoint.

Andrew Mitsi

STYLISTIC Q702

The screen was particularly good. It is bright and visible from most angles, however heat is an issue, particularly around the Windows button on the front, and on the back where the battery housing is located.

Simon Harriott

STYLISTIC Q702

My first impression after unboxing the Q702 is that it is a nice looking unit. Styling is somewhat minimalist but very effective. The tablet part, once detached, has a nice weight, and no buttons or switches are located in awkward or intrusive positions.

Resources

Best Deals on GoodGearGuide

Compare & Save

Deals powered by WhistleOut
WhistleOut

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?