Symantec (SYMC) lost a third of its value Friday after the company forecast fiscal 2019 profit and revenue far short of expectations and disclosed an internal investigation driven by concerns raised by a former employee.
For the June quarter, Symantec said it expects adjusted profit of 33 cents at its midpoint of guidance, below estimates of 41 cents. It forecast revenue in a range of $1.135 billion to $1.165 billion vs. estimates of $1.19 billion.
For full-year fiscal 2019, Symantec forecast revenue in a range of $4.76 billion to $4.9 billion, below estimates of $4.927 billion. The company said it expects adjusted earnings of $1.50 to $1.65 a share, missing views for $1.81.
Audit Committee Investigation The Company’s financial results and guidance may be subject to change based on the outcome of the Audit Committee investigation.