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Symantec shares surge after beating Street estimates

A senior lab systems engineer for Symantec Corp., works on network servers at the company's headquarters in Mountain View, California.
Tony Avelar | Bloomberg | Getty Images
A senior lab systems engineer for Symantec Corp., works on network servers at the company's headquarters in Mountain View, California.

Symantec shares closed up 4 percent on Friday after posting better-than-expected revenue for the fiscal first-quarter, beating Street expectations.

The cybersecurity company reported a net income of $135 million on an adjusted 29 cents per share for the first quarter of fiscal year 2017. Its revenue of $884 million topped the expected $878.1 million, according to Zacks Investment Research.

Symantec, a security software developer, splurged on Blue Coat earlier in June for $4.65 billion to take advantage of the privately held company's cloud migration.

"With the Blue Coat acquisition complete, we are well positioned to accelerate our strategy as the world's largest pure play cyber security company and achieve alignment across the organization. In addition, we continue to make progress in realizing cost efficiencies and synergies by the end of fiscal 2018," said Thomas Siefert, CFO of Symantec in a Friday release.

Symantec closed higher at $21.89 Friday, leaping over 4 percent since the beginning of this year.

SYMC year to date: