Shares of security software maker Symantec jump after upbeat 4th-quarter earnings
By APThursday, May 6, 2010
Symantec shares jump after upbeat 4Q earnings
NEW YORK — Symantec Corp. shares climbed Thursday after the security software maker reported fourth-quarter results above analyst estimates.
The provider of Norton antivirus software saw its stock climb 77 cents, or 4.7 percent, to $17.02 in midday trading. The stock has ranged from $13.97 to $19.16 over the past year.
After the close of trading Wednesday, the company reported quarterly net income of 40 cents per share excluding unusual items. Revenue jumped 4 percent to $1.53 billion.
Analysts projected adjusted profit of 37 cents per share on revenue of $1.52 billion, according to a Thomson Reuters survey.
Jefferies & Co. analyst Katherine Egbert called the results “a modest beat” in a note to investors Thursday. She recommended investors wait for another quarter of improvement before buying shares, keeping a “Hold” rating on the stock.
