Veritas Revenue Up In 2Q, But Expectations Lowered For Rest Of YearVeritas Revenue Up In 2Q, But Expectations Lowered For Rest Of Year

Veritas Software Corp. Tuesday reported positive financial results for the second quarter ended June 30. Revenue was $390 million, 42% higher than the $275 million reported in the same quarter last year.

But after including acquisition costs and other charges to income, Veritas had a net loss of $129 million, compared with a loss of $172 million in the same quarter last year, an improvement of 25%.

Veritas president and CEO Gary Bloom said in a conference call that the company is lowering revenue growth expectations for the year from between 35% and 50% to between 25% and 35%. But he said product sales were still strong in the second quarter because the company's data- and storage-management software is helping IT executives make more efficient use of existing infrastructures. Veritas' sales are being helped by the fact that once-expendable E-mail and application servers are becoming just as mission-critical as back-end databases to the operation.