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Symantec Plunges On Outlook, Discloses Internal Probe Of Finances

New IdentityTheft Scam

Symantec (SYMC) lost a third of its value Friday after the company forecast fiscal 2019 profit and revenue far short of expectations and disclosed an internal investigation driven by concerns raised by a former employee.

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Shares in the maker of computer security software crashed by more than 34% in recent action to 19.24 on the stock market today.

For the June quarter, Symantec said it expects adjusted profit of 33 cents at its midpoint of guidance, below estimates of 41 cents. It forecast revenue in a range of $1.135 billion to $1.165 billion vs. estimates of $1.19 billion.

For full-year fiscal 2019, Symantec forecast revenue in a range of $4.76 billion to $4.9 billion, below estimates of $4.927 billion. The company said it expects adjusted earnings of $1.50 to $1.65 a share, missing views for $1.81.

Notified SEC On Probe

Symantec said it has notified the Securities and Exchange Commission about the internal probe, led by its audit committee. The investigation’s scope and potential length was not provided by the company. Symantec said it has retained external advisors to assist with the process.

For its fiscal fourth quarter ended March 31, Symantec said adjusted earnings were 46 cents a share, up 64% from a year ago, with revenue rising 5% to $1.23 billion, topping analyst estimates. A year earlier, the company earned 28 cents a share on sales of $1.18 billion. Analysts expected earnings of 39 cents on sales of $1.19 billion.

Symantec has been making acquisitions to spur growth. It acquired Blue Coat Systems in 2016 for $4.65 billion. Symantec also purchased LifeLock, a provider of consumer identity-theft protection services, for $2.3 billion.

IBD’s Computer-Software Security group is ranked No. 5 out of 197 industry groups. Palo Alto Networks (PANW)and Qualys (QLYS) have the highest Composite Ratings.

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Source: on 2018-05-10 16:27:49

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