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November 6, 2015

Symantec’s Q2 profit declines 36%

News: But beats analyst estimates.

By CBR Staff Writer

Symantec has reported a 36% decline in its second quarter profit due to sluggish demand for consumer security products.

Net income decreased to $156m, $0.23 diluted earnings per share, in Q2, from $244m, or $0.35 diluted earnings per share, a year earlier. Revenue declined 7.4% to $1.5bn from $1.62bn.

The company expects revenue in the range of $890m to $920m for the fiscal third quarter.

Symantec president and CEO Michael Brown said: "We drove growth in Enterprise Security for the second consecutive quarter, partly due to a 10% revenue increase in Information Protection solutions including another record quarter for DLP.

"To set the stage for continued progress, we will deliver more than a dozen new products and services over the next three quarters."

Earlier this year, Symantec agreed to sell its Veritas information management business to investors led by private-equity company Carlyle Group for $8bn.

Veritas has operated separately since 3 October. The sale is expected to be completed by 1 January.

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Symantec said it will buy back $500m of shares, accelerating a plan to return $2bn to shareholders from the sale of Veritas business.

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