Symantec To Implement 2020 Restructuring Plan - Quick Facts

(RTTNews) - Symantec Corp. (SYMC) said it plans to reduce net global headcount by approximately 7% under the company's 2020 restructuring plan. Also, it plans to downsize, vacate or close certain facilities and data centers.

For the first-quarter, non-GAAP earnings per share was $0.43, up 23 percent from prior year. On average, 25 analysts polled by Thomson Reuters expected the company to report profit per share of $0.32, for the quarter. Analysts' estimates typically exclude special items.

First-quarter non-GAAP revenue was $1.251 billion, up 7 percent from previous year. Analysts expected revenue of $1.19 billion, for the quarter.

The company noted that its first quarter of fiscal 2020 consists of a 14 week period, compared to the first quarter of previous fiscal year, which consisted of a 13 week period.

For the second-quarter, on a non-GAAP basis, the company projects: earnings per share in a range of $0.40 - $0.44; and revenue of $1.155 billion to $1.205 billion. The company noted that its second quarter guidance includes the Enterprise segment. Analysts polled by Thomson Reuters expect the company to report profit per share of $0.42 on revenue of $1.19 billion.

Symantec's Board has declared a quarterly cash dividend of $0.075 per common share to be paid on September 18, 2019, to all shareholders of record as of the close of business on August 26, 2019. Also, the Board approved an increase of $1.1 billion to the company's existing remaining share repurchase authorization, bringing the total available to $1.6 billion.