-=Symantec (SYMC) reported earnings on Thur 9 May 2019 (a/h)

Symantec reports EPS in-line, misses on revs; guides Q1 EPS below consensus, revs in-line; guides FY20 EPS in-line, revs below consensus; CEO steps down

• Reports Q4 (Mar) earnings of $0.39 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $0.39; revenues fell 2.2% year/year to $1.2 bln vs the $1.21 bln S&P Capital IQ Consensus.
• "Our Consumer Cyber Safety segment continued to deliver solid results, and we were pleased with increases in average revenue per user, both year-over-year and sequentially. However, our Enterprise Security revenue was below our guidance range due to lower than expected bookings, which led to year-over-year reported billings declining greater than we anticipated. Despite this weakness, we remain confident in our Integrated Cyber Defense strategy, which has produced a strong and competitive product portfolio. Moving forward, in Enterprise Security we are focused on operational discipline, increasing sales productivity, expanding operating margins and managing the shift to our ratable cloud delivered solutions. In Consumer Cyber Safety we will continue to execute on multiple initiatives to drive revenue growth. With industry-leading solutions across both our enterprise and consumer businesses, we are optimistic that we are well positioned to execute against a growing opportunity in the cyber defense market."
• In a separate press release issued today, Symantec announced that Richard S. Hill has been named Interim President and CEO, effective immediately. Mr. Hill succeeds Greg Clark, who has stepped down as President and CEO and as a member of the Symantec Board, also effective immediately. The Company will commence a search process to find a permanent CEO.
• Vincent Pilette, CFO of Logitech and former VP of Finance for Hewlett Packard Enterprise's server, storage and networking business, has been appointed Executive Vice President and Chief Financial Officer of Symantec, effective May 21, 2019. Mr. Pilette's appointment follows a comprehensive search process initiated in connection with Nicholas Noviello's departure as EVP and CFO to pursue other opportunities, as announced on January 31, 2019.
• Co issues guidance for Q1, sees EPS of $0.30-0.34, excluding non-recurring items, vs. $0.40 S&P Capital IQ Consensus; sees Q1 revs of $1.175-1.205 bln vs. $1.2 bln S&P Capital IQ Consensus.
• Co issues guidance for FY20, sees EPS of $1.65-1.80, excluding non-recurring items, vs. $1.78 S&P Capital IQ Consensus; sees FY20 revs of $4.76-4.9 bln vs. $4.97 bln S&P Capital IQ Consensus.