Symantec Pulls Back On Earnings Reins
By: Jason Lee Miller
Security software vendor Symantec trimmed back its revenues forecast for fiscal 2007 yesterday after changing its revenue-recognition model.
Wednesday's meeting with analysts was the first in over two years, says the Street.com.
Instead of the original full-year revenue expectation of $5.3 billion to $5.5 billion, the company expects to bring in between $5.1 billion to $5.3 billion, not counting $55 million in deferred revenue to recently acquired Veritas. Excluding deferred revenue, Symantec anticipates between $5.2 billion to $5.4 billion.
Symantec shaved of $200 million of forecast each way, a move that was not unexpected as the company said in a May 9 earnings call that it would do so because of the change in its revenue-recognition model.
The trimming of its guidance also pushes back earnings per share expectations (before items) from $1.05 to $1.15 to between $1 and $1.10.
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Jason Lee Miller is a writer covering e-business, search, Internet trends and development.
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