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The
company's shares were down 16.4 percent at $15.13 before the
bell on Thursday.
Symantec estimated revenue of $873 million for the quarter ended
April 1, lower than its forecast of $885 million-$915 million.
Analysts on average were expecting revenue of $901.2 million,
according to Thomson Reuters I/B/E/S.
The company estimated an adjusted profit of 22 cents per share,
below the average analyst estimate of 25 cents. The company had
earlier forecast profit, excluding items, of 24-27 cents.
Brown, who has been the CEO for more than one-and-a-half years,
will continue in his post until a successor has been appointed,
the company said.
The security software maker said it formed an "office of
president" to focus on the company's strategic priorities as it
continues its search for Brown's successor.
The company said Ajei Gopal, who is also going to be part of the
office, is rejoining Symantec as chief operating officer.
Mountain View, California-based Symantec has been facing
headwinds as slowing sales of personal computers hurt demand for
its security software, which comes bundled with computers.
As the demand for traditional antivirus software falls, the
company has been making software that have multiple layers of
security, especially for businesses looking to protect
themselves against increasingly sophisticated cyber attacks.
(Reporting by Supantha Mukherjee and Rishika Sadam in Bengaluru;
Editing by Shounak Dasgupta and Maju Samuel)
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