Symantec Corp, first-rate regarded for its Norton antivirus software program, expected fourth-zoneincome and revenue underneath analysts’ estimates, and stated chief executive Michael Brown wouldstep down.
The organisation‘s shares were down sixteen.4 percent at $15.13 before the bell on Thursday.
Symantec estimated sales of $873 million (roughly Rs. 5,807 crores) for the zone ended April 1, decreasethan its forecast of $885 million-$915 million (more or less Rs. five,888 crores – Rs. 6,087 crores).
Analysts on common had been expecting revenue of $901.2 million (more or less Rs. five,996 crores),according to Thomson Reuters I/B/E/S.
The organisation anticipated an adjusted profit of twenty-two cents according to share, underneath theaverage analyst estimate of 25 cents. The corporation had in advance forecast profit, excluding gadgets, of 24-27 cents.
Brown, who has been the CEO for a couple of-and-a-1/2 years, will keep in his publish till a successor has been appointed, the organization stated.
the security software maker said it fashioned an “workplace of president” to focus at the corporation‘s strategic priorities as it keeps its search for Brown’s successor.
The agency said Ajei Gopal, who’s additionally going to be a part of the office, is rejoining Symantec asleader operating officer.
Mountain View, California-primarily based Symantec has been dealing with headwinds as slowing sales of personal computer systems hurt demand for its security software, which comes bundled with computer systems.
because the demand for traditional antivirus software program falls, the organization has been makingsoftware which have more than one layers of safety, particularly for organizations trying to shieldthemselves against more and more state-of-the-art cyber-assaults.
© Thomson Reuters 2016
down load the gadgets 360 app for Android and iOS to stay updated with the brand new tech information, product reviews, and one of a kind offers on the popular mobiles.
Tags: Apps, Cyber assaults, Cyber security, net, Michael Brown, Symantec