Symantec said that its financial results and forecast may change based on the outcome of an internal investigation that was initiated after concerns were raised by a former employee.
The US-based cyber security company said investigation does not relate to any security concern or breach with respect to its products or systems.
Shares of Symantec, which makes Norton Antivirus, fell 13.3 percent to $25.30 in extended trading.
An audit committee of Symantec’s board has retained independent counsel and other advisers to assist in the investigation.
Symantec did not reveal further details about the concerns. The McAfee competitor said the investigation is in its early stages and unlikely to be completed to file the annual report in time.
The company has contacted the Securities and Exchange Commission and plans to provide additional information to the SEC as the investigation proceeds.
The Mountain View, California-based company also forecast full-year revenue between $4.76 billion and $4.90 billion.
Symantec’s net loss narrowed to $35 million, or 6 cents per share, in the fourth quarter ended March 30, from $143 million, or 23 cents per share, a year earlier.
Symantec’s revenue rose 10 percent to $1.22 billion in Q4. Revenue increased 21 percent to $4.846 billion in fiscal year 2018 – driven by 34 percent growth in Enterprise Security segment, and 3 percent in Consumer Digital Safety segment.
Greg Clark, Symantec CEO said: “We had strong performance in our Enterprise Security and our Consumer Digital Safety segments as our solutions across both businesses drove increased adoption.”
Symantec’s Enterprise Security business signed more than 100 deals worth more than $1 million. It also signed a large number of deals greater than $5 million in the quarter.
Symantec aims revenue of $4.760 billion to $4.900 billion, comprised of $2.325 billion to $2.425 billion in Enterprise Security, and $2.435 billion to $2.475 billion in Consumer Digital Safety in fiscal year 2019.
The Symantec guidance suggests flat revenue for the cyber security company, a decline of 2 percent for Enterprise Security, and just over 3 percent growth for Consumer Digital Safety in the current fiscal.
Symantec stated on its earnings call on Thursday that it continues to see increased cross-selling within enterprise security, which is lowering costs for customers and increasing revenue streams for Symantec.
TBR analyst Stephanie Long in a report said: “Customers are shifting some of their workloads from on-premise environments to cloud-based environments which are causing customers’ spending to shift from licensing to subscription-based.
“As Symantec works to transition customers to this new billing model, revenue stability may waiver in the near-term,” Stephanie Long said.
