Veritas' hits Q2 forecast, lowers guidance
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MOUNTAIN VIEW, Calif., July 17 (Reuters) - Data management software maker Veritas Software Corp. (NasdaqNM:VRTS - news) on Tuesday met Wall Street's second-quarter forecast but lowered its annual growth target to a range of 25 to 35 percent from a previous forecast for growth of 35 to 50 percent.
The Mountain View, California-based software vendor said pro forma net income, excluding purchase accounting adjustments for acquisitions, was $80 million, or 19 cents per diluted share, compared with $57 million, or 13 cents, in the year-ago quarter.
Analysts, on average, had expected the company to earn 19 cents a share on revenue of $391.3 million, according to Thomson Financial/First Call.
The company's revenues fell short of expectations, growing 42 percent to $390 million from $275 last year.
Including purchase accounting adjustments for acquisitions, Veritas posted a net loss of $129 million, or 32 cents per share, compared with a net loss of $172 million, or 43 cents a year ago. |
