Business & Finance
05:51 PM

Symantec Reports Strong Quarter, Raises Guidance

The security software vendor saw revenue climb 24% and raised expectations for the year.

IT security software maker Symantec Corp. on Wednesday reported first-quarter net income of $68.2 million, or 41 cents a share, up sharply from $56.6 million, or 36 cents a share, in the year-ago quarter. The company reported total revenue for the quarter ended July 4 of $391 million, a 24% increase over $316 million reported for the same quarter last year.

As a result of the strong quarter, Symantec raised its revenue guidance for the year from $1.65 billion to $1.665 billion.

Analysts have been concerned that Symantec's consumer ant virus and personal firewall business would stall. But for the quarter, Symantec's consumer business grew 35% and represented 43% of total revenue. Symantec's corporate security gear grew 25% and represented 42% of revenue.

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