Network Associates Reports Higher Earnings

Bookings for the company's McAfee business, which includes consumer and enterprise antivirus products, grew 32 percent year over year, with revenue increasing by 11 percent, Samenuk said.

In general, Samenuk said that bookings for Network Associates' consumer antivirus products grew by 115 percent compared with the same time last year, adding more than 860,000 new subscribers in the first quarter alone. Also, bookings for products aimed at small- to medium-size businesses grew 3 percent year over year.

Earnings for the company's Sniffer product line fell by 13 percent, Samenuk said.

The Santa Clara, Calif.-based company only recently announced the sale of its unprofitable Sniffer network management and analysis product line as part of a sudden restructuring that includes a name change from Network Associates to McAfee.

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Calling the changes the most aggressive and important transformation in the history, Samenuk said the idea was to reduce costs, accelerate sales and profits, and focus primarily on security products and services.

"This past quarter has marked a significant strategic turning point for Network Associates," Samenuk said in a statement. "We have focused our strategy with the divestiture of the Magic business and the agreement to sell the Sniffer business, as well as the planned name change to McAfee."