Symantec 1Q profit falls on revenue slip, charges

Security software maker Symantec Corp. said Wednesday its fiscal first-quarter profit plunged 58 percent on lower revenue and charges.

For the three months ended July 3, the company earned $73 million, or 9 cents per share, compared with profit of $172 million, or 20 cents per share, during the same period a year prior. Revenue fell 13 percent to $1.43 billion from $1.65 billion.

Excluding charges, the company said it earned 34 cents per share. Analysts polled by Thomson Reuters expected profit of 35 cents per share on revenue of $1.49 billion.

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Revenue from the storage and server management segment fell 17 percent during the quarter while revenue from the consumer business fell 4 percent.

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The company said it expects adjusted fiscal second-quarter profit between 32 cents and 34 cents per share on revenue between $1.4 billion and $1.45 billion. Analysts expect profit of 36 cents per share on revenue of $1.5 billion.

Shares of Symantec fell $1.27, or 7.4 percent, to $15.97 in after-hours trading after gaining 4 cents to close at $17.24 during the regular trading session.