Symantec’s Earnings

Here’s yet another reason why I hate mergers. Symantec’s (SYMC) earnings got creamed last quarter due to “acquisition costs” related to its buyout of Veritas. The company reported a loss of $251 million compared with a gain of $235 million last year.
These used to be two great stocks. Symantec was one of the best tech stocks to own after the bubble burst. The Veritas merger was supposed to be this great marriage of storage and security software. At $13 billion, the deal was even larger than Oracle’s (ORCL) bid for PeopleSoft. Also today, Symantec also guided lower for this quarter. The stock is down about 20% today.

Posted by on November 2nd, 2005 at 11:33 am


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