Expecting double digit business growth as consumer area declines Symantec's Q1 shows better than expected results even as the business concentrated on the integration of Blue Coat, becoming very much a business-to-business operation as consumer side falls back. It is guiding for Q2 non GAAP Revenue of $960 – $990, a 4% – 8% yr/yr rise, driven mainly by Enterprise Security where it expects a 14% – 20% jump year on year. Consumer Security is becoming less important and seeing a 7% year on year fall.
Greg Clark (above), Symantec CEO, who was previously CEO of Blue Coat, says, “We are pleased to have quickly and successfully completed the Blue Coat acquisition, allowing us to begin executing our integration strategy. Symantec is now positioned to take advantage of the vast market opportunities in helping customers embrace the cloud, protecting the mobile workforce and securing enterprises, governments and consumers from advanced attacks.”
Thomas Seifert, Symantec CFO, said, “Our revenue was above the mid-point of our guided range for Q1, driven by improved performance within Enterprise Security and continued in-line results from Consumer Security. 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.”