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Security and compliance feed into improved Symantec Q3

Simon Quicke

Continued strong performances from its security and compliance product portfolio helped Symantec continue to show signs of recovery in its third fiscal quarter.

For the three months ended 1 January GAAP revenue rose slightly to $1.54bn but net income moved back into the black at $300m compared to a $6.82bn loss for the same quarter last year.

A favourable court ruling by the US Tax Court helped perk the numbers up with a one-time benefit of $78.5m after the authorities had looked into the tax paid by Veritas Software in 2000 and 2001, a business that had been acquired by Symantec.

Enrique Salem, president and CEO of Symantec, said that its resellers and consumer business had contributed to producing strong Q3 sales.

"Our security and compliance business contributed to the better than expected results, driven by our ability to sell multiple security products to our customers," he said.

Like many others looking ahead into the uplands of 2010 the vendor stated that it was optimistic its fiscal Q4 would continue to build on the momentum of the last quarter and take advantage of the recovery.

"We are encouraged by the improving trends in our license revenue and by the sequential stabilization of our maintenance revenues. This led to better than expected sequential and year-over-year growth in both revenue and deferred revenue," said James Beer, executive vice president and CFO. 

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