McAfee Profit Rises, Matches Forecasts with Wires

McAfee reported a quarterly profit that matched Wall Street estimates, and gave an outlook that was also in line with expectations.

The firm reported fourth-quarter earnings of 64 cents a share, excluding one-time items. McAfee earned 53 cents a share during the same period a year earlier.

Sales for the most recent quarter rose to $525.7 million, up from $424 million last year.

The company was seen earning 64 cents a share on revenue of $515 million, according to a consensus from Thomson Reuters.

The tech security firm gave guidance for the current quarter of between $500 million to $520 million, and earnings of 60 cents to 64 cents a share.

Wall Street analysts expected revenue of $507 million and earnings of 63 cents a share.

Shares of McAfee were down, but pared losses after initially falling more than 5 percent in extended trading Thursday.

Net income rose to $54.5 million, or 34 cents per share, from $45.4 million, or 29 cents per share, a year earlier.

The shares rose 1.58 percent to close at $37.93 in the regular New York Stock Exchange session. Volume reached almost 2 million shares before the closing bell.

McAfee also unexpectedly said on Thursday that Chief Financial Officer Rocky Pimentel would retire from the company.

The company also said it planned a $500 million stock buyback.

"Looking ahead, a strong operational foundation and leading product portfolio has McAfee well positioned for continued market share gains and future success as a leading global security provider," said Dave DeWalt, CEO of McAfee, in a prepared statement.

—Wire services contributed to this report.