Symantec shares slump after revealing internal investigation

Expensss

There is a tradition of hands in the till, weddings and the like being paid for through events companies, siphoned Distie margins used for staff 5 figure bar bills at WWSMC and business class tickets used for wife’s trips.

This level of delay cannot be a simple hands in the till, expenses or bar bill issue.

For this there has to be some kind of SERIOUS revenue recognition issue. In order to recognize revenue a company needs to make sure everything is in order to the letter. The orders themselves, the customers they are selling to (not a country with sanctions in place), no side-agreements and so on.

Delaying a results announcement is x10 better than than an SEC investigation (which would half the share price) and the huge fine that maybe follows it. Symantec are more afraid of the SEC than the shareholders...and rightly so.

"Revenue reached US$1.222 billion, up ten per cent year-over-year.

CEO Greg Clark was pleased that the company’s annual enterprise sales crept up one per cent and happier still that consumer sales grew by six points..."

Ummmmm....if two segments are up 1 and 6, how does the total come up 10 percent?

I think some arithmetic is amiss.