MOUNTAIN VIEW, Calif. (AP) -- Cybersecurity company Symantec Corp. said Wednesday that its third-quarter net income jumped 82 percent as revenue grew steadily while restructuring costs and interest expenses fell.
Net income in the three months ending Dec. 30 rose to $240 million, or 32 cents per share, from $132 million, or 17 cents per share, a year ago.
Excluding the amortization of intangible assets, stock-based compensation costs and other items, adjusted earnings came to 42 cents per share, beating the 41 cents expected by analysts polled by FactSet.
Revenue rose 7 percent to $1.72 billion from $1.60 billion, also topping the $1.71 billion analysts were looking for.
The company said it expects revenue in the fourth quarter through March of $1.72 billion to $1.73 billion, short of the $1.75 billion analysts were expecting. The company said it sees adjusted earnings of 41 cents to 42 cents per share, also below the 43 cents per share expected by analysts.
Symantec also said its board had approved a $1 billion stock repurchase program, effective immediately. It now has authorization to purchase $1.2 billion in stock, including an existing authorization.
Shares rose 3 cents to $17.10 in after-hours trade following the release of results, after closing up 20 cents, or 1.2 percent, at $17.07 in the regular session Wednesday.
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