Network Associates said it expects revenue of $272 million for its fourth quarter, ended 31 December, 1998, a 37 per cent increase on the same quarter a year before, but below analyst expactations.
The company has proudly claimed it has beaten analyst expectations for five years, but admitted yesterday that it will not do so this time. The security company said net income for the period was nearly $72 million or $0.50 per share, up from $29 million a year earlier.
Revenue for the full year was $990 million, an increase of 35 per cent over revenue of $735 for 1997.
Net income for 1998 increased 61 per cent to $215 million or $1.55 per share, compared to net income of $133 million or $1.02 per share for the year before.
Bill Larson, Network Associates chairman, president and chief executive commented: "1998 was a record year, and I'm proud of our employees for delivering on the commitments we made."
But he said there appeared to be a slowdown in the technology sector, which had hit sales. He said that sales for the quarter ending 31 March, 1999, are expected to be between $245 million and $250 million.
Larsen added that the company expects to report complete first quarter results around 19 April.
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