Sybase showed evidence of a financial turnaround, while Symantec's results outshone arch rival Network Associates. Western Digital's tough quarter showed that happy times in the disk drive market are yet to return in full.
Sybase: Sybase recorded a sizeable increase in profit for its second financial quarter and said its recovery is well on track.
For the period ended 30 June, 1999, second quarter net profit was $14.3 million, or $0.17 per share, compared with $400,000 a year earlier and $5.9 million in its first quarter of 1999.
Revenue for the quarter was $210 million, down slightly from $217.8 million a year ago.
"Our focus on profitability and cash generation is paying off and allowing us to invest in new business opportunities through our divisions," said Sybase chief executive John Chen. "We believe this investment strategy will fuel future growth in key areas such as mobile and embedded computing, business intelligence and ecommerce."
Symantec: Symantec reported increased profit and revenue for its second quarter and announced a redirection of its strategy towards content security and management for mobile workers.
Symantec posted revenue for its first quarter ended 30 June, 1999, of $175 million, up 27 per cent over the year earlier period. Net profit before a one time charge of $2.8 million was $26 million, or $0.45 per share, compared to $24 million or $0.39 per share for the same quarter a year ago.
To support a shift of strategy to focus on content security and management products, Symatec has acquired Urlabs, a privately held content security company.
Western Digital: Western Digital blamed 'brutal' competition in the hard drive market for its sizeable fourth quarter loss.
For the quarter ended 3 July, 1999, Western Digital posted a net loss of $101.5 million, or $1.12 per share, including a restructuring charge of approximately $20 million for the sale of the company's media business to Komag. Net loss a year earlier was $162.7 million, or $1.84 per share.
Revenue for the quarter was $709.3 million, compared with $650.5 million a year earlier. The results included approximately $22 million related to the start of a technology licensing and component supply agreement with IBM.
For fiscal 1999, the company reported revenue of $2.8 billion and a net loss of $492.7 million, or $5.51 per share, compared with a net loss of $290.2 million, or $3.32 per share, on revenue of $3.5 billion in fiscal 1998.
"The fourth quarter results reflect the brutal competitive pricing in the desktop hard drive industry. Nevertheless, our strategy to compete at the major PC OEMs on the basis of performance, quality and time to market of our hard drives - and our customer service - produced a sequential increase in total unit shipments to 5.7 million in the fourth quarter, compared with 5.1 million units in the March quarter," said Chuck Haggerty, chief executive of Western Digital.
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