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Symantec 4Q Net Soars On Joint Venture Sale

DOW JONES NEWSWIRES Symantec Corp.'s (SYMC) fiscal fourth-quarter earnings surged as the software maker reported a substantial gain from the sale of ownership in a joint venture. For the fiscal first quarter, the company predicted earnings of 37 cents to 38 cents a share on revenue of $1.65 billion to $1.66 billion. Analysts surveyed by Thomson Reuters most recently projected 39 cents and $1.66 billion, respectively. Symantec, which provides its trademark Norton security products for personal computers, last year agreed to sell its 49% stake in a joint venture with Chinese communications equipment company Huawei Technologies Co. to its partner for about $530 million. The company last week lowered its earnings and revenue guidance for the quarter, warning of the challenges brought on by changing its business model to focus more on selling software as a service by subscription than selling software licenses. For the quarter ended March 30, Symantec posted a profit of $559 million, or 76 cents a share, from $168 million, or 22 cents a share, a year earlier. The latest period included a gain of about $526 million from the sale of its Huawei-Symantec joint venture. Excluding that gain and other items, earnings were flat at 38 cents. Revenue increased 0.5% to $1.68 billion. The company said last week that subscriptions contributed 41% of revenue in the quarter, compared with 38% in the year-ago period. Last week, the company forecast earnings of about 38 cents a share on revenue of $1.68 billion, below its January view. Operating margin narrowed to 11.4% from 14.3%. Sales grew 2% in the company's consumer segment, which made up 31% of revenue in the latest quarter. The security-and-compliance segment reported an 8% increase in sales, while revenue from the storage-and-server-management segment fell 6%. Shares closed Wednesday at $16.43 and were unchanged after hours. The stock is up 5% so far in 2012. -By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com

Stock News for Symantec (SYMC)
DateTimeHeadline
08/31/201512:11:30Statement of Changes in Beneficial Ownership (4)
08/25/201509:00:00Symantec Secures More Than 1 Billion Internet of Things (IoT...
08/21/201519:55:08Statement of Changes in Beneficial Ownership (4)
08/20/201512:47:47Statement of Changes in Beneficial Ownership (4)
08/18/201518:43:49Statement of Changes in Beneficial Ownership (4)
08/13/201516:13:36Current Report Filing (8-k)
08/12/201516:06:29Quarterly Report (10-q)
08/11/201517:06:10Companies Pull Back on CEO 'Failure Parachutes'
08/11/201515:07:09Symantec to Sell Veritas for $8 Billion to Carlyle-Led Group--2nd...
08/11/201509:20:36Symantec to Sell Veritas for $8 Billion
08/11/201509:20:36Global Stocks Fall After China Devalues Yuan
08/11/201508:15:08Symantec To Sell Veritas For $8 Billion To Carlyle-Led Group--Update
08/11/201507:53:02Symantec To Sell Veritas For $8 Billion To Carlyle-Led Group
08/11/201507:06:22Current Report Filing (8-k)
08/11/201507:01:00Symantec Reports First Quarter Fiscal Year 2016 Results
08/11/201506:57:00Symantec Announces Sale of Veritas to The Carlyle Group for $8...
08/03/201515:05:11Amended Annual Report (10-k/a)
07/22/201509:00:00Symantec Challenges Online Retailers to Make This Year’s Cyber M...
07/15/201508:50:49Symantec, Frost Data Capital to Incubate Cybersecurity Startups
07/15/201508:36:59Symantec and Frost Data Capital to Incubate Cybersecurity Startups

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