Symantec Q2 earnings beat estimates

Symantec has posted a 19 per cent rise in income

Symantec has reported stronger than expected growth in its latest quarterly earnings statement. The firm's shares jumped sharply on the news.

Income rose 19 per cent to $150m (£90m), despite a small drop in overall sales. This compares to income of $126m (£76m) this time last year.

"Execution against our key priorities in a tight spending environment enabled us to achieve solid results," said Enrique Salem, president and chief executive at Symantec.

"In particular, we were pleased with the strength in the consumer segment and with the initial progress in security for small to medium sized businesses. We are encouraged by the signs of stabilisation in the markets we serve, and are confident that we will continue to see gradual improvement over the next few quarters."

Symantec's consumer sales grew six per cent from the previous quarter, reflecting increasing demand in the market, the firm said. The company also made progress in getting its software preinstalled on new systems.

Shares in Symantec had risen nearly 10 per cent at the close of trading, and analysts said that they were impressed with Salem's strategy of growing revenues by making existing businesses work better together, rather than by purchasing new companies as his predecessor had done.

The company also announced a $1bn (£604m) share buyback plan. Symantec has spent $1.9bn (£1.15bn) since 2007 buying back its own shares.