Symantec has reported revenue of $1.7 billion for its third quarter of fiscal year 2014, ended December 27, 2013, which is down 5 per cent year-over-year and down 4 per cent after adjusting for currency.
The Non-GAAP operating margin of 30.1 per cent grew 370 basis points after adjusting for currency, resulting in non-GAAP earnings per share of $0.51, up 13 per cent year-over-year. GAAP operating margin of 23.8 per cent grew 680 basis points, resulting in GAAP earnings per share of $0.40, up 29 per cent year-over-year.
"We benefited in the December quarter from improved total business activity after separating our sales organization into dedicated new business and renewal teams earlier this year. Although revenue declined, we exceeded our expectations in operating margin and EPS," said Steve Bennett, President & Chief Executive Officer, Symantec.
He added, "Since July, we have made substantial progress in three areas - offerings, go-to-market, and increased efficiency - to drive improved long-term performance."
Symantec ended the quarter with cash, cash equivalents and short-term investments of $3.9 billion compared to $4.3 billion, a decrease of 9 per cent year-over-year. On December 18, 2013, we paid a dividend of $0.15 per share for a total of $104 million. At the end of the third quarter, Symantec had $783 million remaining for future repurchases in the current board authorized stock repurchase plan.
Symantec's Board of Directors has declared a quarterly cash dividend of $0.15 per common share to be paid on March 19, 2014 to all shareholders of record as of the close of business on February 24, 2014.
For the fourth quarter of fiscal 2014, the Company is expecting to earn a revenue of $1.615 to $1.655 billion, compared to $1.748 billion in the year-ago period.
