Symantec Corporation

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  • Dec. 23, 2013, 9:52 AM
    • Fortinet (FTNT +2.7%) has hired Drew Del Matto, most recently Symantec's (SYMC +0.2%) chief accounting officer and interim CFO, its new permanent CFO. (PR)
    • The hiring comes a month after CFO/COO Ahmad Rubaie resigned for personal reasons, leading shares to tumble. Fortinet says it's still looking for "a senior operations executive." Baird has upgraded shares to Outperform.
    • Symantec has named tax VP Don Rath its new interim CFO, and also its interim accounting chief. James Beer, Symantec's last full-time CFO, left three months ago to become McKesson's CFO.
    | Dec. 23, 2013, 9:52 AM
  • Dec. 17, 2013, 12:54 PM
    • Piper's Andrew Nowinski is reiterating an Overweight and $96 PT for CommVault (CVLT +7.7%), and argues several investor concerns are misplaced.
    • Nowinski chalks up recent comments from COO Al Bunte about being slightly behind plan for FY14 (ends March '14) as being "more reflective of the overall tech spending environment" than any company-specific issues, and still thinks CommVault is on track to meet its FY14 outlook. The company stated on its FQ2 CC (transcript) it's comfortable with consensus estimates.
    • Nowinski also: 1) Dismisses the threat posed by a pending refresh for Symantec's (SYMC +1.2%) NetBackup suite, arguing none of the new features provided are reasons for concern. 2) Calls CommVault's high-teens revenue growth target "very doable," given share gains, new analytics features, and improving cloud service provider penetration. 3) Thinks price cut fears are unwarranted, particularly since CommVault already undercuts Symantec by 20%-25%.
    • Before today's move, CommVault had been down YTD in what has been a very good year for tech stocks. Shares fell following October's FQ2 report, in part due to worries about slowing deferred revenue growth.
    | Dec. 17, 2013, 12:54 PM
  • Dec. 4, 2013, 5:57 PM
    • Symantec (SYMC) has hired Amit Mital, until recently in charge of Microsoft's Startup Business Group (forecasts tech trends and helps bring new technologies to market), its new CTO. Mital replaces Steve Trilling, who will be "moving to an operational senior leadership role in the company." (PR)
    • The CTO change follows a string of executive departures (I, II, III), and comes at a time when CEO Steve Benett is trying to streamline Symantec's product offerings to better contend with hungry security and storage software rivals.
    | Dec. 4, 2013, 5:57 PM
  • Nov. 29, 2013, 12:20 PM
    • Symantec (SYMC -0.2%) is discontinuing Backup, a subscription-based service that allowed enterprises to automatically backup and restore data to Symantec-owned servers.
    • The company suggests it's making the move because customers want a richer feature set from enterprise cloud backup services, one that includes advanced file-syncing and sharing abilities. Rivals such as EMC's Mozy unit and startup Box (reportedly eying a 2014 IPO) offer those things.
    • Symantec, which will still offer its on-premise Backup Exec software, says it plans to develop "more productive and feature rich cloud-based applications"  that included missing features demanded by clients.
    • CEO Steve Bennett has been busy narrowing Symantec's product line, and placing a greater emphasis on integrated software solutions. The decision to eliminate Backup follows an FQ2 in which Symantec's storage software sales fell 5% Y/Y.
    | Nov. 29, 2013, 12:20 PM
  • Nov. 12, 2013, 10:06 AM
    • Francis deSouza, Symantec's (SYMC -3.7%) president of products/services and a 7-year company vet, is leaving to become the president of DNA analysis hardware vendor Illumina. Symantec's products/services management team will now report directly to CEO Steve Bennett. (PR)
    • deSouza's departure comes six weeks after EMC announced it has hired Symantec storage management software chief C.J. Desai to run its new Emerging Technology Products unit. It also comes three weeks after Symantec's shares tumbled due to a revenue miss and soft guidance; the company reported Y/Y sales declines for all three of its major product segments (PC/mobile security, enterprise security, and storage software).
    • Macquarie has cut Symantec to Neutral; the firm cites executive departures as one of its reasons. JPMorgan: "We view Mr. deSouza as a strong technology leader who will be missed at Symantec."
    | Nov. 12, 2013, 10:06 AM
  • Nov. 12, 2013, 10:05 AM
    • Illumina (ILMN -0.7%) appoints Francis deSouza President.
    • DeSouza, who has an enterprise software and security background, is currently President of Products & Services at Symantec (SYMC) and is also Chairman of MedHelp.
    • DeSouza will join ILMN next month. (PR)
    | Nov. 12, 2013, 10:05 AM
  • Oct. 29, 2013, 5:58 PM
    | Oct. 29, 2013, 5:58 PM
  • Oct. 24, 2013, 12:45 PM
    | Oct. 24, 2013, 12:45 PM
  • Oct. 24, 2013, 9:12 AM
    | Oct. 24, 2013, 9:12 AM | 1 Comment
  • Oct. 23, 2013, 5:45 PM
    | Oct. 23, 2013, 5:45 PM | 1 Comment
  • Oct. 23, 2013, 4:52 PM
    • Symantec (SYMC) expects FQ3 revenue of $1.63B-$1.67B (down from $1.79B a year ago) and EPS of $0.41-$0.43, below a consensus of $1.79B and $0.51.
    • Moreover, FY14 (ends March '14) revenue is now expected to drop 3%-4% Y/Y; the consensus is for 0.5% growth.
    • Symantec's endpoint (PC/mobile) security software sales (44% of revenue) fell 3% YY in FQ2 after dropping 1% in FQ1. Enterprise security software (19% of revenue) -2% Y/Y, a reversal from FQ1's +7%. Likewise, storage software (37% of revenue) sales fell 5% after rising 4% in FQ1.
    • CEO Steve Bennett called FQ2 "a challenging quarter in [Symantec's] transition year," but doesn't give details in the PR about specific about demand issue. Symantec has carried out major job cuts this year, and is also facing tough competition from security startups,EMC's RSA unit, and fast-growing storage software vendors CommVault (CVLT) and Veeam.
    • FQ2 EPS was lifted by $125M in buybacks. The deferred revenue balance stood at $3.5B at quarter's end, -3% Y/Y.
    • SYMC -13.1% AH. FQ2 results, PR.
    | Oct. 23, 2013, 4:52 PM
  • Oct. 23, 2013, 4:11 PM
    • Symantec (SYMC): FQ2 EPS of $0.50 beats by $0.06.
    • Revenue of $1.64B (-4% Y/Y) misses by $0.05B. Shares -8.1% AH. (PR)
    | Oct. 23, 2013, 4:11 PM
  • Oct. 23, 2013, 12:10 AM
  • Oct. 22, 2013, 5:35 PM
  • Sep. 30, 2013, 4:20 PM
    • James Beer, Symantec's (SYMC) CFO since '06, is leaving to become McKesson's (MCK) CFO. Beer will start at McKesson on Oct. 9. (PRs: Symantec, McKesson)
    • McKesson's last full-time CFO, Jeff Campbell, left in June to become American Express' CFO. Controller Nigel Rees has been serving as interim CFO since then.
    • Symantec chief accounting officer Drew Del Matto will serve as the company's interim CFO while internal and external CFO candidates are evaluated. Beer's departure comes as Information Management division chief C.J. Desai leaves for EMC.
    • SYMC -1% AH. MCK nearly unchanged.
    | Sep. 30, 2013, 4:20 PM
  • Sep. 27, 2013, 12:35 PM
    • EMC (EMC -0.4%) is creating an Emerging Technology Products unit that features the company's XtremIO flash storage systems, XtremSF server flash cards and XtremSW flash caching software, and hybrid cloud gateway and high-performance computing (HPC) storage products.
    • The Register's Chris Mellor observes EMC doesn't technically offer either of the last two product types right now. The closest EMC comes is a Cloud Tiering Appliance for migrating inactive data, and a pre-configured mid-range VNX storage system meant to work with HPC systems from private Terascala.
    • The Register's EMC sources indicate the unit "will run itself like a set of start-ups," and feature "businesses which are just starting out and are not producing substantial revenue."
    • EMC has hired C.J. Desai, until now the head of Symantec's (SYMC -0.5%) Information Management unit (covers a variety of storage management software), to run the division. Information Management accounted for 37% of Symantec's June quarter revenue, and saw 4% Y/Y sales growth.
    | Sep. 27, 2013, 12:35 PM
Company Description
Symantec Corp provides security, backup and availability solutions. Its products and services protect people and information in any environment, from the smallest mobile device, to the enterprise data center, to cloud-based systems.