McAfee Posts Strong Results
The security industry is poised to do well in the coming year, but McAfee in particular is buoyed by strong earnings, a solid outlook for 2010, and a likely customer-grab from rival Symantec.
While most tech stocks slid on Friday, shares of security software maker McAfee managed to gain ground after the company posted solid fourth-quarter earnings and offering up a descent outlook for 2010.
McAfee shares rallied up $2.03 a share, or 5 percent, to $39.92 in Friday trading.
In its fourth quarter, McAfee posted a profit of $0.64 a share, excluding one-time charges, in line with most analysts' estimates, on sales of $525.7 million.
The $525.7 million in sales represented an impressive 24 percent jump from the year-ago quarter. Including one-time expenses, the Santa Clara, Calif.-based company earned $54.5 million, or $0.34 a share, up from $45.4 million, or $0.29 a share, in the same period last year.
For the year, McAfee pocketed $173.4 million, or $1.09 a share, on sales of $1.9 billion.
Read "Strong 4Q Lifts McAfee Shares" at InternetNews.com