Symantec reports 29 percent Q3 revenue growth

Computer security company Symantec reported third quarter income of US$72 million or US$0.44 per share, on revenue of US$376 million Wednesday, a healthy increase from the company's performance for the same quarter last year, when it reported net income of just US$100,000, or less than US$.01 per share, on revenue of US$290 million.

Increasing demand among enterprises for the full range of Symantec's security products and services was responsible for the strong performance, according to the vendor.

Overall, the company's enterprise security business grew by 26 percent in the third quarter over the year-ago quarter, accounting for 42 percent of Symantec's total revenue.

Sales of firewall and virtual private network products grew by 49 percent, while sales of antivirus products and vulnerability management technology increased by 25 percent and 20 percent respectively, Symantec said.

In addition, Symantec's security services business grew by more than 200 percent compared to the same quarter last year.

While revenue in the U.S. grew by 21 percent, Symantec was also helped by a jump in international sales, which grew by 39 percent over the same quarter in 2001 and accounted for slightly more than 50 percent of the company's total third quarter revenue, the company said.

International revenue was led by sales in Latin America, which grew by 51 percent over last year. Sales in Europe, the Middle East and Africa were also strong, growing by 46 percent, according to Symantec.

Symantec greatly expanded its product and service offerings over the past year, buying a number of smaller security companies including SecurityFocus, Riptech and Recourse Technologies for about US$355 million in July alone.

In the process, the company acquired new technology such as Recourse's ManHunt intrusion-detection system (IDS) and managed security services provider Riptech's Calterian monitoring system, which can collect input from firewalls and IDSes made by different vendors.

With the strong financial numbers released Wednesday, it would appear that those purchases are beginning to boost Symantec's bottom line.

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