Symantec cuts fourth-quarter forecast, says CEO Brown to step down

Reuters News
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Posted: Apr 28, 2016 7:31 AM

(Reuters) - Symantec Corp <SYMC.O>, best known for its Norton antivirus software, cut its fourth-quarter profit and revenue forecast below analysts' estimates, and said its Chief Executive Michael Brown will step down.

The company cut its revenue forecast to $873 million from a range of $885 million-$915 million, and lowered its adjusted profit to 22 cents per share from 24-27 cents per share.

Analysts on average were expecting a profit of 25 cents per share on revenue of $901.2 million, according to Thomson Reuters I/B/E/S.

Brown will continue as CEO until a successor has been appointed, the company said.

(Reporting by Supantha Mukherjee in Bengaluru; Editing by Shounak Dasgupta)