Symantec Profit Tops Estimates as Cost Cuts Counter PC Slump
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Symantec Corp., the biggest maker of security software, reported fiscal first-quarter profit that exceeded analysts’ estimates as the company reduced costs to cope with a record slump in personal-computer sales.
Profit before certain items in the period that ended June 28 was 44 cents a share, while sales rose 2.5 percent to $1.71 billion, the company said yesterday in a statement. Analysts on average had projected profit of 36 cents and sales of $1.64 billion, according to data compiled by Bloomberg. The shares surged to the highest price since 2005.