Symantec: Enterprise Spending Starting to Stabilize

Paul Lilly

Security firm Symantec reported revenue of $1.48 billion for its second fiscal quarter, beating out most analysts' expectations, but down 3 percent from the same quarter one year ago. Earnings were also better than expected, which checked in at $294 million, or $0.36 per share.

Symantec attributed the growth to its consumer business and increased IT spending, which bodes well for the company, considering a recent survey by Intuit Payroll suggested that the majority of SMBs have been spending less on security, even as cybercrime continues to rise.

"We're definitely seeing the U.S. market stabilize," Symantec CEO Enrique Salem noted in an interview on Wednesday. "We've seen China and parts of Asia continue to do well, and we're seeing some weakness in western Europe."

While consumer revenue was up 6 percent year-over-year, Symantec may have a tough time pushing its storage products. According to data from research firms IDC and Gartner, server sales were down roughly 30 percent last quarter.

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