Symantec nach Zahlen -20%

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02.11.05 17:42

3186 Postings, 5990 Tage lancerevo7Symantec nach Zahlen -20%

NEW YORK (MarketWatch) -- Shares of Symantec Corp. tumbled in pre-open trading Wednesday after the company said it swung to a fiscal second-quarter loss, hurt by expenses related to its acquisition of Veritas Software, and issued a weak sales outlook.

Symantec, the top maker of security software, posted late Tuesday a net loss of $251.3 million, or 21 cents a share, compared to a profit of $135.6 million, or 19 cents, a year ago.

Sales rose 71% to $1.1 billion, helped by the addition of Veritas' sales.

Symantec's operating expenses more than tripled to $1 billion as it accounted for a long list of charges related to the Veritas acquisition and other transactions.

The maker of the Norton line of antivirus and security software said that excluding those charges, it earned 23 cents a share, but that number doesn't conform to generally accepted accounting principles, or GAAP.

The stock slumped 12% to $21.20 in Instinet after Symantec forecast its sales target for the December quarter would fall below Wall Street's expectations.

The Cupertino, Calif.-based company estimated non-GAAP sales at $1.263 billion, less than the $1.345 billion average forecast of analysts surveyed by Thomson First Call.

Deutsche Bank, A.G. Edwards and Susquehanna Financial followed by downgrading the stock. Prudential reiterated its overweight rating on the belief the company will benefit over the long term from industry consolidation, a broadening product line and increased demand for storage software.
 

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