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Slow buying cycles and caution hit Symantec Q1 revenues

Simon Quicke

A picture of elongated buying cycles and continuing caution was the scene painted by Symantec's CEO as he spoke about the landscape that contributed to flat first quarter revenues year-on-year.

With revenue staying still at $1.433bn Enrique Salem had the task of describing market conditions that had caused that situation.

"This quarter, we saw lengthening of procurement cycles driven by continued cautiousness among IT buyers. In particular, this affected our storage management results," said Salem, who is president and CEO at the vendor.

He highlighted continued activity in the public sector and strong Software as a Service sales as areas that provided optimism going forward into its fiscal Q2.

Net income for the first quarter was $161, compared with $74m for the same period a year earlier and with currency fluctuations taken into account there was revenue growth across all territories.

James Beer, executive vice president and CFO said that it had cranked up its consumer business after making the move to an in-house e-commerce platform.

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