Posts $6.81 billion loss in Q3
Security and storage software provider Symantec has reported a $6.81 billion net loss for the third quarter 2009, compared to net income of $132m in the year-ago quarter, on revenue flat at $1.51 billion. The earnings figure includes a non-cash goodwill impairment charge of approximately $7 billion.
The operating loss during the quarter was $6.8 billion compared to $196m last year, and diluted loss per share was $8.23 compared to the diluted EPS of $0.15 in the same quarter last year. Cash flow from operating activities decreased 13% to $402m. The company repurchased 16.1m shares for $200m during the quarter.
The company said content, subscription, and maintenance revenue grew 3% to $1.2 billion, while license revenue declined 9% to $317m. Geographically, Americas revenue increased 6% to $828m, EMEA revenue declined 10% to $475m, and Asia Pacific/Japan revenue was flat at $212m.
During the quarter it signed 448 agreements worldwide, each worth more than $300,000. Of the 448 agreements, 104 were worth more than $1m. The company also acquired UK-based online messaging security provider MessageLabs for $695m.
Enrique Salem, CEO of Symantec, said: Effective sales execution and our team’s ability to successfully highlight the near-term ROI benefits of our solutions enabled us to deliver stronger than expected revenue against the backdrop of a challenging global economy. The combination of top-line revenue growth, ongoing share repurchases and tight expense management has enabled us to achieve our seventh consecutive quarter of double-digit non-GAAP earnings growth.
For the fourth quarter it expects revenue between $1.48 billion and $1.53 billion and diluted EPS between $0.12 and $0.14.