It's typical for new CEOs to have ambitious plans. But the results can be mixed. As for McAfee's
In last week's earnings report, McAfee reported that Q2 revenue increased 13% to $314.3 million. There was strength in global markets, with growth of 53% in the Asia Pacific region and 80% in Latin America.
Earnings spiked 57% to $49.4 million, or $0.30 per share, which compares with $31.4 million, or $0.19 per share, in the same period a year ago. McAfee posted $84 million in cash flow from operations.
It looks like DeWalt is already seeing traction in snagging major contracts. In fiscal Q2, McAfee closed 11 deals in excess of $1 million, which is the best performance over the past five years.
It's no easy feat in light of the competition from players like Symantec
But DeWalt's most important priority is cleaning up McAfee's financials and completing its wide-ranging restatements. Based on the conference call, it looks like things may be wrapped up soon, and this is likely to mean the stock buybacks will resume. With $1.4 billion in the bank, there is lots of firepower for this.
According to DeWalt, data loss costs companies $10 billion per quarter. And security is getting even tougher because of new platforms such as video, VoIP, car appliances, and social networks. In other words, growth should continue for a revamped McAfee.
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