Symantec (SYMC) Hammered On Poor Numbers

October 24, 2007 by Douglas A. McIntyre

Symantec (SYMC) was forecast to post a fiscal second-quarter earnings of 26 cents a share on revenue of $1.39 billion

The firm reported the results of its second quarter of fiscal year 2008, ended Sept. 28, 2007. GAAP revenue for the quarter was $1.42 billion.

GAAP net income for the September 2007 quarter was $50 million, compared to $126 million in the September 2006 quarter. Diluted earnings per share of $0.06 compared to earnings per share of $0.13 for the same quarter last year. Non-GAAP net income for the September 2007 quarter was $263 million, compared to $261 million for the same quarter last year. Non-GAAP diluted earnings per share were $0.29, up 11 percent compared to diluted earnings per share of $0.26 for the same quarter last year.

Non-GAAP numbers adjusts for the following items: business combination accounting entries,expenses related to acquisitions, stock-based compensation expense,restructuring charges and charges related to the amortization of intangibles, write-downs of intangible assets and certain other items.

For the December 2007 quarter, GAAP revenue is estimated between $1.41 billion and $1.45 billion. GAAP diluted earnings per share are estimated between $0.06 and $0.11

The eanings gods were not pleased and SYMC dropped over 9% after hours to $19.

Douglas A. McIntyre

Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)

Take the quiz below to get matched with a financial advisor today.

Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.

Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future

Take the retirement quiz right here.