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October 28, 2010

McAfee Q3 revenues up 8% to $523m

Corporate business revenue accounted for 62% of the total revenue

By CBR Staff Writer

McAfee has reported revenues of $523m for the third quarter of 2010, an increase of 8% compared to $485m for the same period last year.

For the quarter ended 30 September 2010, operating income was up 51% to $64m, compared to $43m for the same last year. Non GAAP operating income was $138m, an increase of 7% compared to $129m.

The company posted a net income of $47m, an increase of 27% compared to $37m for the same period last year. EPS was $0.30, compared to EPS of $0.23.

Corporate business revenue was $324m, which accounted for 62% of the total revenue, while consumer business accounted for 38% of the total revenue with $199m.

North American revenue increased by $312.2m while international revenue posted an increase of 4% to $211m, compared to the same period last year.

McAfee president and CEO Dave DeWalt said the company is pleased to deliver strong third quarter results that serve as a testament to their strategy and execution and also reflects the validation and confidence their customers, partners and employees have in the proposed acquisition of McAfee by Intel.

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"Our revenue growth was the result of broad based demand for our security offerings portfolio across our corporate and consumer segments. With this, we effectively controlled expenses and delivered record year-to-date operating cash flow," DeWalt said.

The company expects net revenue of $530m to $550m for the fourth quarter of 2010 and net income of $0.29 to $0.33 per diluted share.

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