Symantec records N272.8bn in quarterly report

Symantec Corporation ended last quarter with revenue record of $1.71bn, about N272.8bn, which ended June 28, 2013, and showed a 2 per cent up in year-over-year and up 3 per cent after adjusting for currency based on the Generally Accepted Accounting Principles (GAAP).

President and Chief Executive Officer at Symantec, Steve Bennett expressed his excitement over the performance of the company.

“I’m proud of the team’s performance despite the ongoing work to right-size and transform of the company. I’m also pleased that wedelivered better than expected results,” he said, reiterating his confidence on the team, saying Symantec ahs the right team in place to execute its multi-year roadmaps, implement the critical go-to-market changes and continue to make progress on the successful transformation.

“We achieved better than expected results driven by strength in our backup, information security and endpoint security businesses,” said James Beer, executive vice president and chief financial officer, Symantec.

He pointed out that during a period of planning and significant resource reallocation, they executed well and grew organic revenue by 3 per cent. The magnitude of change we are undertaking is substantial and so as we move increasingly into the implementation phaseof our transformation, we remain cautious on our outlook for the coming quarter.” 

He stated that, GAAP operating margin was 13.1 per cent compared with 15.0 per cent for the same quarter last year.

“Its net income was $157 million compared with net income of $160 million for the year-ago period. Deferred revenue as of June 28, 2013, was $3.812 billion compared with $3.745 billion as of June 29, 2012, up 2 percent year-over-year and up 3 percent after adjusting for currency. Cash flow from operating activities was $312 million compared with $340million for the year ago period,” he said.

According to the report, Non-GAAP operating margin was 25.3percent compared with 24.9 percent for the same quarter last year, up 40 basis points year-over-year and up 36 basis points after adjusting for currency. Its Non-GAAP net income was $308million, compared to$297million for the year-ago period, up 4 percent year-over-year.

In alignment with our 4.0 strategy, we created three new business segments.  The User Productivity & Protection segment, which is comprised of endpoint security and management, encryption, and our mobile offerings, represented 43 percent of total revenue and declined1 percentyear-over-year - increased 1 percent after adjusting for currency; to $732 million.

The Information Security segment grew 7 per cent year-over-year (9 per cent after adjusting for currency) to $336 million.  This segment represented 20 percent of total revenue and includes Symantec’s security capabilities such as our mail & web security, authentication services, data center security, Managed Security Services (MSS), hosted security services, and Data Loss Prevention (DLP) businesses.

The Information Management segment represented 37 percent of total revenue and grew 4 percentyear-over-year on an actual and currency adjusted basisto $641 million. This segment is comprised of offerings related to backup and recovery, information intelligence, which includes archiving and e-discovery, and information availability, which we previously referred to as storage management.

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