Symantec Earnings: Here’s Why Investors are Buying Shares Now
Symantec Corporation (NASDAQ:SYMC) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 6.73%.
Symantec Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 2.33% to $0.44 in the quarter versus EPS of $0.43 in the year-earlier quarter.
Revenue: Rose 2.46% to $1.71 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Symantec Corporation reported adjusted EPS income of $0.44 per share. By that measure, the company beat the mean analyst estimate of $0.36. It beat the average revenue estimate of $1.64 billion.
Quoting Management: “I’m proud of the team’s performance despite the ongoing work to right-size and transform the company. I’m also pleased that we delivered better than expected results,” said Steve Bennett, president and chief executive officer, Symantec. “While the hard work is just beginning, I’m confident we have the right team in place to execute our multi-year roadmaps, implement our critical go-to-market changes and continue to make progress on our successful transformation.”
Key Stats (on next page)…
Revenue decreased 2.23% from $1.75 billion in the previous quarter. EPS increased 0% from $0.44 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.48 to a profit $0.45. For the current year, the average estimate has moved down from a profit of $1.92 to a profit of $1.89 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)