Symantec CEO Greg Clark unexpectedly resigned on Thursday due to a combination of his father’s health problems and high work pressure. On the same day, Symantec issued a warning that profits did not match the company’s goals.
Revenue in the fourth quarter of 2018 was already lower at $1.19 billion from $1.21 billion a year earlier, Reuters reported. First quarter 2019 earnings are also expected to be lower by Symantec. The company’s stock price fell 13 percent after the announcements. A stock analyst called the news ‘disastrous’ to Reuters.
Symantec seems to be in dire straits. In August of last year it was announced that the company was saying goodbye to eight percent of its employees, an estimated 1,000 people. Chief operating officer Michael Fey also left last November and it turned out that there were errors in the accounting. Furthermore, Symantec certificates are no longer trusted by Google and Mozilla, although they are still accepted for now because many websites still use them. The security company is known for its Norton products, among other things.