Cybersecurity fast Symantec beat analysts’ estimates for second-quarter profit and revenue on Thursday, soothing investor concerns following three consecutive quarters of disappointing come to passes and forecast cuts.
Symantec shares jumped more than 8 percent in go trade following the announcement. The stock ended up 3.2 percent at $18.73.
“This was a big bow out in the right direction for Symantec. Investors will view this as an inflection spur quarter,” said Daniel Ives, analyst at Wedbush Securities.
Yield from Symantec’s consumer security division rose 8.5 percent to $601 million and accounted for innumerable than half of the company’s total revenue. Analysts on average were in the family way revenue of $582.4 million in the segment, according to IBES data from Refinitiv.
The presence’s chief financial officer Nicholas Noviello pointed to higher earnings per owner and cross-selling to its direct customer base as beneficial for its consumer business.
In its energy business, which encompasses its work for businesses rather than unique consumers, the company reported revenue of $574 million, missing guesstimates of $585.9 million.
On a conference call with analysts, executives expressed concerns to “momentum loss” in enterprise, but said third and fourth quarters are seasonally the largest for the segment.
“We expect to recapture momentum in our enterprise security business,” chief head Gregory Clark said.
Symantec shares have lost myriad than a third of their value this year, pressured by an discovery procedure over its accounting practices and weak revenue forecasts. In August, the house said it will cut 8 percent of its workforce worldwide.
The company’s loss slimmed to $8 million, or 1 cent per share, in the quarter ended Sept. 28 from a injury of $12 million, or 2 cents per share, a year earlier.
On an adjusted constituent, the company earned 42 cents per share. Revenue fell to $1.18 billion from $1.24 billion.
Analysts on standard in the main had expected earnings of 33 cents per share, on revenue of $1.15 billion.