Why Symantec Stock Fell 10.9% in November
Shares of Symantec (NASDAQ: SYMC) dove nearly 11% last month, according to data provided by S&P Global Market Intelligence, after the cybersecurity company delivered earnings that fell short of Wall Street's expectations and lowered its financial outlook for the year ahead.
Heading into November, Symantec's stock had been riding high. Analysts expected the company to benefit tremendously from the Equifax data breach, which affected 143 million Americans. Yet Symantec reported second-quarter non-GAAP earnings per share of $0.40, which, while rising 33% year over year, came in $0.03 below analysts' estimates. Symantec's third-quarter revenue and EPS guidance also fell short of Wall Street's expectations.
Furthermore, Symantec lowered its full-year outlook. It now expects fiscal 2018 revenue of $5.0 billion to $5.1 billion -- down from a prior estimate of $5.16 billion to $5.26 billion -- and non-GAAP EPS of $1.66 to $1.76, down from $1.79 to $1.89.
Source: Fool.com
