Symantec Stock Tumbles
Symantec Corp. tumbled as much as 20% Wednesday after it issued a weaker sales outlook for its security software products and surprised investors with another resignation in the senior management ranks.
Symantec, the maker of the Norton line of antivirus and security software, blamed its softer sales forecast on the delayed launch of the Norton 2006 line and increased competition in the consumer segment from rivals McAfee Inc. and Trend Micro Inc.
For the December ending quarter, Cupertino, Calif.-based Symantec estimated sales at $1.263 billion, less than the $1.345 billion average forecast of analysts surveyed by Thomson First Call. The forecast excludes special charges stemming from recent acquisitions and other expenses.
The outlook comes amid the resignation of its chief financial officer Greg Myers, who helped orchestrate Symantec‘s $10.5 billion purchase of Veritas Software, one of the biggest deals in software history.
Source: Marketwatch.
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