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Weak sales produce flat revenues at Symantec

Simon Quicke

Symantec suffered from a weaker than expected fourth fiscal quarter as the first three months of the year saw its license sales decline.

The security expert delivered its Q4 numbers showing flat revenue year-on-year for the three months ended 31 March at $1.68bn but it still got the chance to talk of 'record' figures with a decent rise in net income to $559m from $168m in the same period last year.

"Year over year declines in license sales and a larger proportion of ratable subscription sales caused revenue and EPS to come in below our expectations for the fourth quarter. However, a greater amount of our billings went to the balance sheet, driving record deferred revenue," said James Beer, executive vice president and CEO at Symantec.

The performance in EMEA was not as strong as other territories with revenue down by 5% compared to a 4% rise in international revenue and a 19% rise in the Asia Pacific region.

For the full year revenue was up 9% to $6.73bn with net profits of $1.17bn with Software as a Service one of the areas performing well.

"We posted 9% growth for fiscal year 2012, driven by strength in our backup, Software-as-a- Service, data loss prevention, and managed security services offerings. In addition, we generated strong deferred revenue and cash flow, despite a weaker than expected fourth quarter," said Enrique Salem, president and CEO at Symantec.

"We are encouraged as customers move towards cloud delivered services, and are excited about the roadmap we've developed for fiscal year 2013. We have many of the foundational elements in place to continue growing our business," he added.


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