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Symantec CEO Greg Clark steps down, revenue misses

 Symantec CEO Greg Clark steps down, revenue misses

(Reuters) - Antivirus software maker Symantec Corp on Thursday reported fourth-quarter revenue below analysts' estimates and said Chief Executive Officer Greg Clark has stepped down, sending its shares down 15 percent in extended trading.

Richard Hill, current Symantec director, was named as its interim chief, while the company looks for a permanent replacement for Clark, Symantec said.

"Rick (Richard Hill) is a highly-regarded technology executive with a track record in enterprise computing solutions," Chairman Daniel Schulman said.

The company's fourth-quarter revenue fell 1.7 percent to $1.19 billion, below analysts' estimates of $1.21 billion, according to IBES data from Refinitiv.

The miss in revenue comes as better-than-expected performance of its consumer business, which includes Norton-branded security services and LifeLock identity protection products, failed to offset declines in its enterprise unit.

Revenue from Symantec's enterprise security division fell to $584 million, well below estimates of $606.5 million.

Consumer security division's revenue of $605 million was above expectations of $601.4 million.

The company posted net income of $34 million, or 5 cents per share, in the reported quarter, compared with a loss of $59 million, or 10 cents per share, a year earlier.

On an adjusted basis, the company's profit was 39 cents per share, in line with estimates.

(Reporting by Vibhuti Sharma in Bengaluru; Editing by Anil D'Silva)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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Updated Date: May 10, 2019 03:05:53 IST