McAfee (MFE) Shares Fall Despite Record Q3 Revenues

October 29, 2009 5:48 PM EDT

McAfee, Inc. (NYSE: MFE) reported a third quarter adjusted EPS of 62 cents, 1 cent better than the analyst estimate of 61 cents.

Revenue for the quarter was a record $485.30 million, however slightly missing the market estimate of $486.60 million. Revenue rose 18 percent from the year ago period.

The second largest security software publisher in the U.S., McAfee has seen a drop in shares after the third-quarter results were released. This may be due to a negative reaction to the results being basically in line with the consensus estimates, while the Company's rival, Symantec Corp (NYSE: SYMC) easily surpassed estimates when it released earning on Wednesday.

Net income for McAfee fell to $37 million, a 25 percent decline from the $49 million in the same quarter last year.

McAfee sees Q4 adjusted EPS of $0.61-$0.65, versus the consensus of $0.63 and sees sales of $505-$525 million, versus the consensus of $506.7 million.

"Our focused execution combined with solid demand for leading comprehensive security solutions delivered McAfee's fifteenth consecutive quarter of double-digit, year-over-year revenue growth," said Dave DeWalt, McAfee's president and CEO. "We are well positioned both financially and strategically to continue advancing our mission to proactively secure systems and networks worldwide."

Shares for McAfee fell after the reported results, currently at 41.80, down 6.72 percent in the after hours period.

Related Categories

Earnings

Stocks Mentioned

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?