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Earnings Roundup

Symantec stock rises on forecast

January 24, 2008|From Times Wire Services

Symantec Corp., the world's biggest maker of security software, reported a 13% earnings increase and gave a forecast that beat analysts' estimates, sending shares up 9% after hours.

Fiscal third-quarter net income rose to $131.9 million, or 15 cents a share, from $116.8 million, or 12 cents, a year earlier. Sales gained 15% to $1.52 billion for the quarter ended Dec. 28.

The Cupertino, Calif.-based company forecast that profit would rise to 33 cents to 35 cents a share for the current year, beating Wall Street expectations of 30 cents.

Shares rose 24 cents to close at $15.26 before the earnings release. They shot up as much as $1.38 to $16.64 after hours.

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