Internet security woes boost Symantec's bottom line

Friday, 24 October 2003, 11:18 AM EST

A summer of big virus and worm attacks, such as Sobig and Blaster, provided a healthy boost to Internet security company Symantec Corp.'s bottom line. The company reported Wednesday that second-quarter sales increased 32%, while net income for the quarter ended Oct. 3 increased 60%, to $83.4 million, from $52 million for the same period last year. Total sales for the quarter rose to $428.7 million, up from $325.2 million for the year-ago quarter.

Company officials also raised sales estimates for the year to $1.73 billion from $1.67 billion.

Greg Myers, Symantec's senior VP of finance, said a large portion of its consumer antivirus sales for the quarter was directly related to the number of high-profile worm and virus outbreaks this past summer and is "probably not sustainable."

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