Symantec Corporation Stock Plummets On Weak Y2019 Guidance

Symantec Corporation (NASDAQ:SYMC) reported its latest quarterly earnings results after the bell Thursday, which topped expectations, but included a weak full-year outlook.

Symantec CorporationThe security software provider ended its fiscal 2018 with a high note as its fourth quarter yielded a loss of six cents per share, up from a loss of 23 cents per share in the year-ago quarter. On an adjusted basis, the company earned about 46 cents per share, handily topping the 28 cents per share it earned in the year-ago quarter.

Analysts were calling for Symantec to tally up adjusted earnings of 39 cents per share. On the revenue front, the company’s sales amounted to $1.22 billion, about $100 million above its revenue of $1.12 billion from the year-ago quarter.

The Wall Street consensus estimate called for revenue of $1.19 billion. For its fiscal year 2019, Symantec projects adjusted earnings of $1.50 to $1.65 per share, below its annual adjusted profit of $1.69 per share, as well as below the $1.80 per share that analysts are calling for in their forecast.

For the year, the company also projects revenue of $4.97 billion, ahead of the Wall Street consensus estimate of $4.93 billion. The company also announced an internal investigation “in connection with concerns raised by a former employee,” which Symantec’s board’s audit committee is conducting.

SYMC stock gained 1.5% during regular trading hours but took a 15% nosedive after the bell on the company’s weak fiscal 2019 guidance.

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