Symantec chief executive Enrique Salem blamed a shift to cloud services for his company's disappointing quarterly numbers.
The company reported revenues of $1.68bn were flat over the previous year's quarter and short of its initial predictions for the quarter. On the fiscal year, the company said that revenues topped off at $6.73bn, up nine per cent over the previous year.
"While I am disappointed with the lower than expected revenue results in the fourth quarter, I’m pleased with the nine per cent revenue growth we delivered in fiscal year 2012," Salem said.
"We will continue to focus on strengthening our core businesses and growing our emerging opportunities."
Much of the shortfall was blamed on a shift in the company's business model.
Salem said that as many of its customers shifted from on-premise to cloud and software-as-a-service offerings, the company is seeing more of its income arrive in the form of subscription payments rather than one-time purchases.
Executives said that the company is hoping to reap greater profits in the long-term by investing in emerging markets.
The company hopes that its lower-margin operations will blossom into much larger services and platforms by focusing on areas such as cloud services and authentication.
Salem noted that the company's enterprise and cloud security operations in particular will benefit from the move. The Symantec boss told reporters and analysts that the company will capitalise as firms move to secure cloud environments.
"Our expectation is that customers are going to continue to move to cloud and subscription payments," he said.
"People are absolutely saying they need help in dealing with the changing threat landscape."
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