It seems that no one these days wants to protect their computers with security software. Symantec reported a five percent fall in quarterly revenue claiming that a decline in sales of personal computers hurt demand for its security software.
The outfit, which makes the super clunky Norton anti-virus software, saw its shares fall by three percent after it made the announcement.
Chief Executive Steve Bennett said he was pleased with the result, which was much better than previous quarters. He said he will not rest easy until it is out of the woods.
Symantec is mostly a PC business and worldwide PC shipments fell about 10 percent in 2013 and are expect to do so again this year by another four percent in 2014.
Symantec’s revenue fell to $1.71 billion in the third quarter from $1.79 billion a year earlier.
The company has been reorganising its sales force to create specialists for each product group instead of having everyone sell everything, leading to a temporary shortfall in cash.
All this sounds a bit daft but it is designed to stimulate demand and drive better licenses from a new and improved sales force.
Symantec used to make shedloads of cash by bundling its software with PCs as the company has distribution partnerships with manufacturers.