Symantec Q2 Profit Rises, Sees Weak Q3

(RTTNews) - Symantec Corp. (SYMC) Wednesday reported second-quarter net income of $241 million or $0.34 per share, up from $189 million or $0.27 per share last year.

Adjusted earnings for the quarter improved to $0.50 per share from $0.45 per share last year. On average, 29 analysts polled by Thomson Reuters expected earnings of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter dropped 4 percent to $1.64 billion from $1.70 billion last year. Analysts expected revenues of $1.69 billion for the quarter.

Looking forward to the third quarter, Symantec expects earnings of $0.26 to $0.28 per share, adjusted earnings of $0.41 to $0.43 per share and revenues of $1.63 billion to $1.67 billion. Analysts currently estimate earnings of $0.51 per share on revenues of $1.79 billion for the quarter.

The company lowered its financial outlook for the full year 2013. Symantec now expects adjusted earnings to be between -1.0 and 1.5 percent compared to the prior fiscal year, and revenue to decline 3 to 4 percent in constant currency.