Symantec stock tanks after earnings as forecast predicts decline

Symantec Corp. SYMC, +1.50%shares fell more than 10% in after-hours trading Thursday after the security-software company wrapped up its fiscal year with an earnings beat but guided for lower profit and sales in the current year. Symantec reported a fiscal fourth-quarter loss of 6 cents a share on sales of $1.

22 billion, up from a loss of 23 cents a share on sales of $1.12 billion a year ago. After adjusting for stock-based compensation, restructuring and other effects, the company claimed earnings of 46 cents a share, up from 28 cents a share a year ago. Analysts on average expected adjusted earnings of 39 cents a share on sales of $1.19 billion. For the current fiscal year, Symantec predicted adjusted earnings of $1.50 to $1.65 on sales of $4.76 billion to $4.9 billion, after annual adjusted profit of $1.69 a share on sales of $4.97 billion in the completed year. Analysts on average were projecting annual adjusted earnings of $1.80 for the 2019 fiscal year, on sales of $4.93 billion. Symantec also disclosed an internal investigation "in connection with concerns raised by a former employee," which is being handled by the board's audit committee, which has advised the Securities and Exchange Commission. The investigation is expected to delay the filing of Symantec's annual report. After closing with a 1.5% gain at $29.18, but shares fell to less than $26 in late trading after the results were announced. Symantec shares had been up 3.9% this year, as the S&P 500 index SPX, +0.94%has gained 0. 9%.