Symantec EMEA posts 49% growth

Symantec, the IT security vendor has posted revenues of US$577 million for the period ended July 2, 2004. Revenues from the Europe, Middle East and Africa (EMEA) markets alone grew by a comprehensive 49%.

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By  Maddy Reddy Published  July 23, 2004

Symantec, the IT security vendor has posted revenue of US$577 million for the period ended July 2, 2004 -- a 48% increase compared to US$391 million for the same quarter last year. Revenues from the Europe, Middle East and Africa (EMEA) markets alone grew by a comprehensive 49%. “Our enterprise business continues to gain great momentum. These high gains were driven by both solid enterprise revenues and stronger than expected consumer results,” says Kevin Isaac, Symantec’s regional director for the Middle East and Africa. The GAAP results also show that Symantec’s net income results for the fiscal first quarter rose substantially to US$131 million, from US$59 million recorded in the same period the previous year. In this year’s first fiscal quarter release, Symantec’s worldwide enterprise business posted a sizable growth of 24%. These include enterprise security, enterprise administration and services which together amount to 48% of total revenues. Symantec’s enterprise security business, which represents 35% of total revenue, grew by 24%; its enterprise administration business, which is 11% of Symantec’s total revenue, grew by 27%. Representing 2% of total revenues, the service business also witnessed a revenue growth of 14%, whilst Symantec's consumer business, which covers 52% of total revenues, grew by 79%. Representing 52% of total revenues, in the first quarter, Symantec's international operations showed a growth of 51% compared to the same period last year. In the EMEA region alone, 49% growth was recorded. During the quarter there were 225 transactions worth more than US$100,000 each, including 55 worth more than US$300,000 each and six worth more than US$1 million each. Other business activities for the first quarter included Symantec’s acquisition of Brightmail and the launch of Symantec Client Security 2.0, a centrally managed client security solution system. Symantec also announced the launch of Symantec Firewall for the Windows and Solaris platforms. It also released Symantec Client Migration 3.0, which allows enterprises to reduce the costs of user downtime by automating many of the repetitive tasks during PC migration. For the next quarter Symantec estimates total revenue to touch US$580 million, an increase of US$15 million from prior guidance. The security vendor projects future revenues of US$2.4 billion, an increase of US$70 million for the next fiscal year ending April 1, 2005.

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