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Symantec reported a profit and revenue that exceeded analysts' expectations thanks to growth in its consumer anti-virus business and improvement in its struggling corporate division., sending its shares soaring in late trading Wednesday.
The company also authorized a $1 billion share repurchase program.
The largest maker of security software earned 36 cents a share excluding one-time items in its fiscal second quarter on sales of $1.47 billion, compared with 37 cents a share on sales of $1.52 billion in the same period last year.
Analysts who follow Symantec expected the company to turn in a gain of 33 cents a share on sales of $1.43 billion, according to a consensus estimate from Thomson Reuters.
Symantec shares [SYMC
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] leaped more than 6 percent in extended trading Tuesday. They closed about 2.7 percent lower at $15.73.
The stronger-than-expected results came after two consecutive quarters in which Symantec posted earnings that missed analysts' projections.
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Analysts said that the results marked a start toward convincing investors that the software maker is on the mend after losing market share to rival McAfee, whose sales are growing rapidly.
"It's been a bumpy road, but you are starting to see signs of a turnaround," said FBR Capital Markets analyst Daniel Ives.
Chief Financial Officer James Beer attributed the stronger-than-expected results to growth of the company's Norton anti-virus business, saying that Symantec has been able to raise the average sales price for each unit of those products.
The company signed 70 deals worth at least $1 million during the second quarter, up from 53 such deals during the first quarter, Beer said.
He said the increase was partly due to success in cross-selling Symantec's security and backup software products to business customers amid a reorganization of the company's sales structure.
Sales to large financial institutions, telecommunications companies and U.S. federal government agencies were strong, he added.
The company also forecast that it will post third-quarter profit, excluding items, of 36 cents to 37 cents per share on non-GAAP revenue of $1.485 billion to $1.515 billion. That forecast was in line with Wall Street projections.
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