back to article Symantec shares slump after revealing internal investigation

Symantec’s shares have slumped after the company revealed it “has commenced an internal investigation in connection with concerns raised by a former employee.” The company’s veep for investor relations Cynthia Hiponia told a Thursday May 10th earnings call “The investigation does not relate to any security concern or breach …

  1. Potemkine! Silver badge

    No kidding

    Revenue reached US$1.222 billion, up ten per cent year-over-year

    There are people still buying symantec's stuff? 0_o!

    If true it's just an other sign we are close to apocalypse...

    1. Anonymous Coward
      Anonymous Coward

      Re: No kidding

      Almost every instance, Home/SOHO/SMB, it came with the machine(s). They've no idea of the problems with that company. Pretty much "Snake Oil" industry wide.

      1. Anonymous Coward
        Anonymous Coward

        Re: No kidding

        "Pretty much "Snake Oil" industry wide."

        Funny choice of words that...

        I see the words "snake oil" used during the creation of default Trust Certificates on Linux Mint installs.

        (I disable all Symantec based certs and a whole host of others)

  2. J J Carter Silver badge
    Facepalm

    Taxi for CFO!

    Hands in the till.

  3. Cyber man

    Expensss

    There is a tradition of hands in the till, weddings and the like being paid for through events companies, siphoned Distie margins used for staff 5 figure bar bills at WWSMC and business class tickets used for wife’s trips.

  4. Anonymous Coward
    Anonymous Coward

    This level of delay cannot be a simple hands in the till, expenses or bar bill issue.

    For this there has to be some kind of SERIOUS revenue recognition issue. In order to recognize revenue a company needs to make sure everything is in order to the letter. The orders themselves, the customers they are selling to (not a country with sanctions in place), no side-agreements and so on.

    Delaying a results announcement is x10 better than than an SEC investigation (which would half the share price) and the huge fine that maybe follows it. Symantec are more afraid of the SEC than the shareholders...and rightly so.

  5. Bitsminer

    "Revenue reached US$1.222 billion, up ten per cent year-over-year.

    CEO Greg Clark was pleased that the company’s annual enterprise sales crept up one per cent and happier still that consumer sales grew by six points..."

    Ummmmm....if two segments are up 1 and 6, how does the total come up 10 percent?

    I think some arithmetic is amiss.

    1. Cyber man

      Only way is down

      Last FY was the “refresh” year for the majority of Bluecoat boxes. Senior Management was expecting a lot more growth than 1% in Enterprise. They were expecting “high” single digit growth. Next year will be a struggle and we will see further decline in market share and year on year revenue.

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