Symantec Storage Management Drags Security Sales

Channel Web reports that Symantec reported flat revenue but strong earnings growth in during its first fiscal quarter of 2011, as weakness in its storage business acted as a drag on strong security sales. In Symantec's fiscal first quarter ended July 2, the company reported revenue of $1.433 billion, which was essentially unchanged from the $1.432 billion it reported in last year's Q1.

---

"Revenue for Symantec's largest business segment, storage and server management, fell 5 percent year-over-year to $524 million. Allan Krans, senior analyst with Technology Business Research, said in a research report that this is the sixth quarter in a row where Symantec's storage revenue has fallen on a quarter-to-quarter basis.

"'Symantec’s Storage and Server Management business continues to reel from the recession, extending the streak of consecutive quarters with a year-to-year decline to six, with [second quarter of calendar 2010] revenue in the segment representing a 21.2% decline compared with 2Q08,' Krans wrote in the report. "

Read the Full Story at Channel Web