SYMC Symantec Corporation

Symantec Corp., maker of antivirus software, met its scaled-back expectations for its final quarter bringing to close a fiscal year that left the computer-security company looking for a new chief executive

A pioneer in the growing market for cybersecurity products, Symantec has struggled to diversify amid competition from younger rivals.

Shares of the company, down about 33% over the past 12 months, slid 0.6% to $16.80 after hours.

The company announced in April that Michael Brown would step down as chief executive and remain in the post until a successor is named.

At the time of the announcement, the company also said that it expected fourth-quarter revenue of $873 million, down from prior guidance of $885 million to $915 million, and adjusted earnings of 22 cents, below its prior range of 24 cents to 27 cents.

In January, Mr. Brown completed the sale of the company's Veritas data-storage division to Carlyle Group for $7.4 billion. Symantec was forced to slash the Veritas sale price by $600 million because of "uncertainties" about the deal, the company said. Symantec had bought Veritas for $10.2 billion in 2005 in an attempt to diversify its business, but it proved to be an unwieldy distraction

For the fourth quarter ended April 1, Symantec earned $2.05 billion, or $3.15 a share, in the wake of the Veritas sale, up from $176 million, or 25 cents a share, a year earlier. Adjusted earnings were 22 cents a share, down from 29 cents.

Revenue fell 3% to $873 million.

For the current quarter, the company expects revenue between $865 million and $895 million, with adjusted per-share earnings in the range of 24 cents to 26 cents. Analysts expect revenue of $881 million on earnings of 24 cents a share.

For the year, the company predicted sales between $3.49 billion and $3.58 billion, with adjusted per-share earnings between $1.06 and $1.10. Analysts expected sales of $3.53 billion and earnings of $1.09 a share.

Write to Ezequiel Minaya at ezequiel.minaya@wsj.com

(END) Dow Jones Newswires

May 12, 2016 18:55 ET (22:55 GMT)

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