Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of security software specialist Symantec
So what: First-quarter revenue came in at $1.7 billion, up slightly from a year prior. Non-GAAP earnings per share totaled $0.43. Those profits topped analyst expectations, which called for $0.38 per share. Symantec also repurchased 19 million shares during the quarter for $301 million.
Now what: Perhaps more exciting is the announcement that Enrique Salem is stepping down as CEO, effective immediately, and is being replaced by the current Chairman Steve Bennett, who will also remain chairman. Bennett said the board found it in Symantec's "best interests" to change leadership. Salem has been with the company for 19 years and was its CEO for the past three. The market is overlooking the soft guidance, and investors are mostly bullish on the shakeup, hoping that Bennett can spearhead a positive strategic shift.
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Fool contributor Evan Niu holds no position in any company mentioned. Check out his holdings and a short bio. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days. The Motley Fool has a disclosure policy.