McAfee Q3 revenues up 18.5% to $485.3m

Corporate business revenue grew 25% on year ago quarter

McAfee has reported revenues of $485.3m for the third quarter of 2009, an increase of 18.5% compared to $409.7m for the same period last year. Revenues grew by 3.5% on a sequential basis.

For the quarter, deferred revenue was $1.33 billion, an increase of 26% compared to $1.05 billion for the third quarter of 2008. Operating income was down 14% to $42.5m, compared to $49.4m for the same last year. Non GAAP operating income was $128.7m, an increase of 34% compared to $95.8m.

The company posted a net income of $36.8m, a decrease of 25% compared to $48.8m for the same period last year. EPS was $0.23, compared to EPS of $0.31.

Corporate business revenue grew by 25% to $308m, and consumer business revenue grew 8% to $177m, compared to same period last year.

North American revenue increased by $273m while international revenue posted an increase of 11% to $212m, compared to the same period last year.

Dave DeWalt, president and CEO of McAfee, said: “We are pleased to report our record results for the third quarter of 2009. We made significant improvements across our key financial metrics, including non-GAAP operating margin growth of 310 basis points year-over-year and operating cash flow growth of 74 percent year-over-year to a record $152m.”

The company expects net revenue of $505m to $525m for the fourth quarter of 2009. It expects net income of $0.32 to $0.38 per diluted share and non-GAAP net income of $0.61 to $0.65 per diluted share.

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