Essay On Market Capitalization
Some of the outcomes described within the notes of Symantec Corporation financial statements incorporated the following to date: GAAP net loss for the third quarter was $6.81 billion compared with net income of $132 million for the same quarter last year. GAAP diluted loss per share was $8.23 compared with diluted earnings per share of $0.15 for the same quarter last year. The GAAP net loss for the third quarter of fiscal year 2009 includes a non-cash goodwill impairment charge of approximately $7 billion. Based on a combination of factors, including the current economic environment and a decline in our market capitalization, Symantec concluded that there were sufficient indicators to require us to perform an interim goodwill impairment analysis. GAAP deferred revenue at the end of the quarter was $2.92 billion compared with $2.88 billion for the same quarter last year. Cash flow from operating activities for the third quarter was $402 million compared with $462 million for the same quarter last year.
Non-GAAP net income for the third quarter of fiscal year 2009 was $350 million, up 20 percent compared with $292 million for the same quarter last year. Non-GAAP diluted earnings per share were $0.42, up 27 percent compared with earnings per share of $0.33 for the year ago quarter. Non-GAAP deferred revenue was $2.96 billion, up 2 percent compared with $2.90 billion at the end of the third quarter of fiscal year 2008. During the third quarter of fiscal year 2009, we repurchased 16.1 million shares, equivalent to $200 million. There is $400 million remaining in the current board authorized stock repurchase plan.
Effective sales execution and Symantec team’s ability to successfully highlight the near-term ROI benefits of their solutions enabled them to deliver stronger than expected revenue against the backdrop of a challenging global economy said Enrique Salem, chief operating officer, Symantec. The combination of top-line revenue growth, ongoing share repurchases and tight expense management has enabled the company to achieve our seventh consecutive quarter of double-digit non-GAAP earnings growth. Symantec Corporation is well-positioned to continue our success and emerge from this economic downturn as a stronger company.
International revenue represented 50 percent of total non-GAAP revenue in the third quarter of fiscal year 2009 and declined 5 percent year-over-year. The Europe, Middle East and Africa region represented 31 percent of total non-GAAP revenue for the quarter and declined 9 percent year-over-year. The Asia Pacific/Japan revenue for the quarter represented 14 percent of total non-GAAP revenue and grew 1 percent year-over-year. The Americas, including the United States, Latin America and Canada, represented 55 percent of total non-GAAP revenue and increased 7 percent year-over-year.
Foreign currency movements negatively impacted non-GAAP revenue by approximately 4 percentage points year-over-year and non-GAAP deferred revenue by approximately 2 percentage points year-over-year. Foreign currency movements negatively impacted EMEA non-GAAP revenue by approximately 10 percentage points and APJ non-GAAP revenue by approximately 2 percentage points year-over-year. Guidance assumes an exchange rate of $1.32 per Euro for the March 2009 quarter versus the actual weighted average rate of $1.50 per Euro and the end of period rate of $1.58 per Euro for the March 2008 quarter.
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