Symantec Revenue Flat, McAfee Profits Up 4%

TenCube, developer of the WaveSecure mobile security service platform, will be acquired by McAfee, the company announced, to broaden its security capabilities.

Mathew Schwartz

July 30, 2010

2 Min Read
Network Computing logo

Symantec reported revenues of $1.4 billion for its first quarter, ending July 2. Revenue was flat compared with the same period one year ago. But at $161 million, its net income was more than double the same period last year.

"This quarter, we saw lengthening of procurement cycles driven by continued cautiousness among IT buyers. In particular, this affected our storage management results," said Enrique Salem, president and chief executive officer of Symantec, in a statement. Still, he said, Symantec's SaaS offerings continued to post double-digit growth rates.

Symantec expects to earn between $1.4 billion and $1.5 billion for its second quarter, ending Oct. 1, 2010, which would be down 1% to 2%, year-over-year.

Meanwhile, McAfee reported revenues of $489 million for its second quarter, ending June 30. Net income was $39.4 million, up from $28.7 million at the same time last year. Revenues rose by 4% from the same quarter last year, with corporate revenues up 2%, and consumer revenues up 8%.

McAfee president and chief executive officer Dave DeWalt said in a statement that his company "saw an all-time record of consumer revenue in the quarter." The company expects its net revenue in the third quarter of 2010 to rise to between $505 million and $520 million.

According to market researcher IDC, in 2009, Symantec and McAfee were the two leading secure content and threat management vendors, holding 25.8% and 12.2%, respectively, of the world market.

Yesterday, McAfee also announced its acquisition of tenCube, which develops the WaveSecure mobile security service. The platform provides phone location, remote lockdown, backup, restore, and security policy enforcement for a number of mobile phone operating systems, including Android, Blackberry, iPhone, Java, Symbian and Windows Mobile.

Through this acquisition, McAfee can broaden its security capabilities and offer users protection and remote control of the phone whether it is in their possession or not," said Darius Cheung, chief executive officer of tenCube, in a statement. "This means no more worries about the whereabouts of your phone or losing personal contacts, photos or messages."

According to statistics cited by McAfee, people are 15 times more likely to lose their mobile phone than their laptop.

About the Author(s)

Stay informed! Sign up to get expert advice and insight delivered direct to your inbox

You May Also Like

More Insights