Symantec Slow Sales, Reorg Grinds On
Symantec this week reported that sales for its third fiscal quarter ended Dec. 27 were down 5 percent year-over-year and license revenue declined an eye-popping 27 percent. Symantec executives attributed the results to changes in the company's sales strategy and product reorganization.
CEO Steve Bennett (pictured), briefing financial analysts on a conference call, said to expect another year of transition for the developer of endpoint security products and data backup and recovery software. Last year the company launched an initiative to reinvent itself, including a reorganization of its sales operations and a new comprehensive product strategy, the latter of which is to be shared with partners and customers at a company conference in May.
Symantec did report that earnings grew 31 percent to $283 million in the quarter. But Bennett emphasized that the company transformation will be a three-to-five year process, so partners and customers can expect continued uncertainty for quite some time.