Symantec announce cuts in forecasts for the fiscal third quarter

Symantec announce cuts in forecasts for the fiscal third quarter

Security software maker Symantec has announced cuts in its forecasts for the fiscal third quarter. Symantec said that they are seeing weakness in its data center management business.

In addition, Symantec is also struggling with higher costs of operating their business operations.

The news proved to be a disaster for the company’s share at the stock market as they went down more than 7 percent in premarket trading.

Symantec said that they expect quarterly revenue of $1.29 billion to $1.31 billion. They had earlier forecasted figures of $1.315 billion to $1.345 billion.

For the next quarter, the company expects revenues between $1.24 billion and $1.27 billion.

Symantec Chief Executive John Thompson said in a statement: “We experienced weaker than expected performance in our Data Center Management business.”

Symantec also faces massive challenges in their core businesses of providing security products for the Windows platform with the recent entry of Microsoft in this market.