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NortonLifeLock, Formerly Symantec, Swings to 2Q Profit

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11/07/2019 | 05:14pm EST

By Maria Armental

NortonLifeLock Inc., the former Symantec Corp., reported second-quarter results Thursday. Here's what you need to know:

PROFIT: The company swung to a profit of $785 million, or $1.22 a share, from a loss of $8 million, or a penny a share, a year earlier. On an adjusted basis, profit rose to 18 cents a share from 15 cents a share a year earlier.

REVENUE: Revenue declined to $608 million, from $612 million a year earlier.

COMBINED OPERATIONS: Including the enterprise security business revenue, adjusted profit rose to 46 cents a share, beating the company's guidance and analysts' expectations, and revenue rose to $1.19 billion, compared with analysts' projected $1.18 billion and the company's guidance of $1.16 billion to $1.21 billion.

The sale of the enterprise security business and transfer of the Symantec brand to Broadcom Inc. closed on Nov. 4.

OUTLOOK: This quarter, the company expects to generate a profit of 5 cents to 10 cents a share on an adjusted basis, and $602 million to $612 million in revenue.

CEO: Vincent Pilette, who joined the company in May as chief financial officer, has been promoted to chief executive. Chief Accounting Officer Matthew Brown has been appointed interim CFO.

Write to Maria Armental at maria.armental@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
BROADCOM INC. -0.53% 314.38 Delayed Quote.24.29%
LOGITECH INTERNATIONAL S.A. -0.69% 43.04 Delayed Quote.40.17%
NORTONLIFELOCK INC. -0.24% 25.4 Delayed Quote.34.74%
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