Symantec posts 25 percent increase in quarterly profit

Symantec posts 25 percent increase in quarterly profit

Security application maker Symantec has released their latest quarterly report and the company has posted a 25 percent increase in quarterly profit.

The company further said that they would be working on cutting costs by $200 million.

Company’s net income was up at $113.7 million, or 12 cents per share. The revenues were up at $1.31 billion.

Symantec has also announced a $1 billion stock buyback program. They have already completed a $1 billion stock buyback plan which they had announced last year.

They would now be concentrating on cutting costs by cutting some jobs, reducing new hires, decreasing contractor and consulting spending, lowering spending on travel, and consolidating facilities.

Symantec Chief Executive John Thompson said in a statement on their plans: “With a disappointing quarter behind us, we are moving to better align our costs with our new revenue expectations. I am confident that we have the right strategy in place; however, we must sharpen our execution.”