(Reuters) - Antivirus software maker Symantec Corp (NASDAQ:SYMC) beat Wall Street estimates for quarterly earnings and revenue led by growth in its consumer business, sending its shares up 5 percent in after-hours trade on Thursday.
The company also announced that its Chief Financial Officer Nicholas Noviello would step down in the coming months to pursue other opportunities.
Revenue from Symantec's consumer security division rose 3 percent to $602 million (£459 million) in the three months ended Dec. 28, making up nearly half of overall revenue. Analysts on average had expected $600.9 million, according to IBES data from Refinitiv.
Symantec and other cybersecurity companies have benefited as organizations worldwide set aside budgets to shield against cyber crime. Severe attacks like a denial-of-service can cripple entire organizations while malware and phishing often target individuals via emails containing dangerous links and attachments.
Spending by businesses on protection from cyber attacks rose 20 percent year-over-year in 2018, according to Wedbush Securities.
Revenue from Symantec's enterprise security division fell 2.6 percent to $609 million, but easily topped Wall Street forecasts of $575.6 million.
Symantec's profit fell to $65 million in the December quarter from $1.34 billion a year earlier, reflecting a more than $600 million gain last year related to the sale of a business. Excluding one-time items, the company earned 44 cents per share, above estimates of 39 cents per share.
Revenue inched up to $1.21 billion and topped analysts' estimates of $1.18 billion.
Symantec projected March quarter adjusted earnings of between 37 cents and 41 cents per share. Analysts were expecting 38 cents.
The company also increased its share buyback authorization to $1.3 billion.