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Symantec Struggles Continue

Symantec met analysts' revenue estimates with its third-quarter results today although the firm continues to wrestle with integration problems in the aftermath of its Veritas acquisition. (See Symantec Reports Q3 Results and Symantec, Veritas Complete Merger.)

The ongoing problems with the vendor's Veritas line were not exactly out of the blue. Earlier this month the vendor lowered its third-quarter guidance, citing poor sales of its Veritas products. (See Symantec Slips on Storage .)

On a GAAP basis, Symantec's revenues were up to $1.313 billion from $1.149 billion in the year-ago quarter, in line with analyst estimates. GAAP earnings per share were 12 cents on net income of $114 million, compared to 8 cents and $91 million in the same period last year.

On a non-GAAP basis, revenues were $1.324 billion, up 6 percent year over year, and earnings were 26 cents on net income of $248 million, down from $282 million. Analysts had estimated earnings of 25 cents.

Symantec's Data Center Management Group, which includes the Veritas product line, was a blot on the vendor's financials, with revenues declining 8 percent year over year to just over $336 million. "We're certainly not satisfied with our December quarter results," said CEO John Thompson on a conference call today.

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