Weak sales hit Symantec profits

Symantec is best known for its Norton Antivirus software

Anti-virus software firm Symantec has cut its full-year targets after warning that its third quarter profits will be less than previously expected.

Blaming weak sales and higher costs, it said its net profit for the three months to 29 December should now come in between 10 and 11 cents a share.

This compares to Symantec's previous forecast of between 14 and 15 cents.

It now expects full-year profits to come in between 36 to 39 cents a share, down from 46 to 56 cents.

The update saw share in the firm fall 8% in early trading in New York.

Symantec said overall revenues for the third quarter will also miss forecasts, and come in as low as $1.29bn (£658m) - revenues had been expected to come in as high as $1.35bn.

"Symantec unfortunately continues to be a major work in progress," said FBR analyst Daniel Ives.