Symantec revenue up 27% to $1.24 bn with $12 mn net loss

Symantec Financial TransformationDigital security company, Symantec has posted revenue of $1.24 billion (+27 percent) and net loss of $12 million (net loss of $144 million) in the second quarter of fiscal 2018.

Mountain View, Calif.-based Symantec generated second quarter revenue of $575 million (+42%) from Consumer Digital Safety business and the balance $701 million (+15%) from Enterprise Security business.

Consumer Digital Safety business contributes 45 percent and Enterprise Security contributes 55 percent revenue to Symantec. Symantec, a company based in the U.S., relies on top international markets for 42 percent of its revenue, while US market contributes 58 percent.
Symantec Cost Savings“Our focus on execution is working. We’ve successfully returned our Consumer Digital Safety segment to growth, our Enterprise segment had strong business activity with substantial year-over-year deferred revenue growth and we completed our cost reduction commitments ahead of schedule,” Symantec CEO Greg Clark said.

Symantec completed its $550 million Symantec and Blue Coat cost reduction and integration synergy program, as well as $30 million LifeLock synergies.

Symantec achieved the cost reduction ahead of schedule resulting in significantly improved margins for enterprise segment and high margins for consumer segment.

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