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Symantec Closes Out Big Year
Revenue and net income soared thanks to the continuing spate of new virus and worm attacks.
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Symantec Corp. said Wednesday that revenue for fiscal 2004 grew 33% over 2003. For the fiscal year ended April 2, the maker of Internet security software posted revenue of $1.87 billion compared with $1.41 billion a year earlier.
Net income for the fourth quarter was $117 million, up from $68 million for the year-ago quarter. For the full year, net income was $371 million, compared with $248 million for fiscal 2003.
Company execs said on an investor call that new virus and worm attacks were one of the primary drivers behind the increased earnings. Chairman and CEO John W. Thompson said Symantec closed more than 260 contracts worth $100,000 and 11 contracts worth more than $1 million in sales in the fourth quarter.
The company also raised guidance for its first quarter by $40 million to between $525 to $555 million.
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