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Why did Symantec stock tumble today?

Why did Symantec stock tumble today?
Asked by
Dan Smith categorie-icon time-icon2 months ago
1 Answer Answer Question

Bryan Reynolds
Answered time-icon2 months ago

The CEO of Symantec Corp (NASDAQ: SYMC) Greg Clark has quit his job unexpectedly yesterday, after the cybersecurity software provider warned about its upcoming profit results, causing the company’s shares to plummet in the after-hours session.

Director Richard Hill will take Clark’s place on a temporary basis. Hill was also chief executive of the semiconductor producer company Novellus Systems, meaning he’s experienced in enterprise sales, which is one of the areas where Symantec has disappointed.

Symantec estimated Q1 profit to be between 30 cents and 34 cents per share, lower than consensus estimates of 40 cents per share.

The company’s shares dropped 13% in after-market trading.

“This is a disaster of epic proportions. The guidance combined with abrupt CEO departure will be a major gut punch to the Street. There are a lot of questions with minimal answers,” Daniel Ives, an analyst at Wedbush.

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