Symantec Corporation (NASDAQ:SYMC) reported better-than-expected earnings for its third quarter and issued strong FY19 adjusted earnings guidance. Symantec also reported that CFO Nicholas Noviello will step down and the company has commenced search to identify a replacement.
The Mountainview, Calif.-based technology company revealed Thursday GAAP revenue of $1.211 billion and non-GAAP revenue of $1.218 billion were above guidance
GAAP diluted EPS came in at $0.10 and non-GAAP diluted EPS of $0.44 were above guidance. Cash flow from operating activities was $377 million, up 28% year-over-year
Symantec also announced an increase to its existing share repurchase authorization to $1.3 billion
According to CEO Greg Clark, "We achieved operating results in line or above guidance, while delivering strong cash flow from operations. Enterprises recognize the superior protection, cross-product integration and the lower overall cost of ownership of our Integrated Cyber Defense platform.
"Our Consumer Digital Safety platform, built around the core tenets of Malware, Identity Protection and Privacy are resonating with consumers, driving increased retention rates and consumer digital safety adoption."
Fourth-quarter fiscal guidance is listed between $1.185 billion and $1.215 billion. Diluted EPS is gauged between six and 10 cents.
Symantec's Board of Directors has declared a quarterly cash dividend of $0.075 per common share to be paid on March 13, to all shareholders of record as of the close of business on February 19.
Shares climbed $1.37, or 6.5% to $22.39
