Why Shares of Symantec Tumbled Today
Shares of cybersecurity company Symantec (NASDAQ: SYMC) slumped on Thursday following a mixed fiscal second-quarter report. Revenue was higher than expected, but the bottom line came up short of analyst estimates. Symantec's guidance also fell short of estimates, and the company lowered its outlook for fiscal 2018. The stock was down about 11% at 12:45 p.m. EDT.
Symantec reported second-quarter non-GAAP (generally accepted accounting principles) revenue of $1.276 billion, up 26% year over year and $10 million higher than the average analyst estimate. The company cited strong demand for its secure web gateway, rapid growth in its enterprise cloud offerings, and record LifeLock enrollments as drivers behind the double-digit revenue growth.
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Source: Fool.com
