Symantec has reported that revenue for the fiscal first quarter, ended 28 June 2013, was $1,71-billion, up 2% year-over-year and up 3% after adjusting for currency.
“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,” says Steve Bennett, president and CEO of 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.”
“We achieved better than expected results driven by strength in our backup, information security and endpoint security businesses,” says James Beer, executive vice-president and chief financial officer of Symantec.
“During a period of planning and significant resource reallocation, we executed well and grew organic revenue by 3%. The magnitude of change we are undertaking is substantial and so as we move increasingly into the implementation phase of our transformation, we remain cautious on our outlook for the coming quarter.”
For the first quarter of fiscal year 2014, GAAP operating margin was 13,1% compared with 15% for the same quarter last year. GAAP net income was $157-million compared with net income of $160-million for the year-ago period.
GAAP diluted earnings per share were $0,22, flat compared to a year ago. GAAP deferred revenue as of 28 June 2013, was $3,812-billion compared with $3,745-billion as of 29 June 2012, up 2% year-over-year and up 3% after adjusting for currency. Cash flow from operating activities was $312-million compared with $340-million for the year ago period.
Non-GAAP operating margin was 25,3% compared with 24,9% for the same quarter last year, up 40 basis points year-over- year and up 36 basis points after adjusting for currency. Non-GAAP net income was $308-million, compared to $297-million for the year-ago period, up 4% year-over-year. Non-GAAP diluted earnings per share were $0,44, compared with $0,41 for the year-ago period, an increase of 7%.
In alignment with the company’s 4.0 strategy, Symantec created three new business segments.
The User Productivity & Protection segment, which is comprised of endpoint security and management, encryption, and our mobile offerings, represented 43% of total revenue and declined 1% year-over-year (increased 1% after adjusting for currency) to $732-million.
The Information Security segment grew 7% year-over-year (9% after adjusting for currency) to $336-million. This segment represented 20% of total revenue and includes Symantec’s security capabilities such as our mail & web security, authentication services, data centre security, Managed Security Services (MSS), hosted security services, and Data Loss Prevention (DLP) businesses.
The Information Management segment represented 37% of total revenue and grew 4% year-over-year on an actual and currency adjusted basis to $641-million. This segment is comprised of offerings related to backup and recovery, information intelligence, which includes archiving and e-discovery, and information availability, which we previously referred to as storage management.
International revenue represented 51% of total revenue and increased 2% (4% after adjusting for currency).
The Europe, Middle East and Africa region represented 27% of total revenue and increased 8% year-over-year (6% after adjusting for currency).
The Asia Pacific/Japan revenue represented 18% of total revenue and decreased 5% year-over-year (increased 1% after adjusting for currency).
The Americas, including the United States, Latin America and Canada, represented 55% of total revenue and increased 3% year-over-year on an actual and currency-adjusted basis.