Net security firm McAfee reported reduced quarterly profits on Thursday. The company also warned it may have to restate past financial results because of a previously announced ongoing investigation into its stock option practices.
For the quarter to 30 June, McAfee reported preliminary Q2 2006 profits of $31.4m, down from $41.7m on the same quarter last year. Q2 revenues were $277m, up from $245m in Q2 2005. McAfee expects full year 2006 revenues of between $1.05bn and $1.15bn.
McAfee cautions that its financial statements between 2003 and 2005 can no longer be regarded as definitive as it may have to restate its results. The security firm - like rival Symantec - faces pressure from Microsoft's entry into the consumer security market. But the firm's ability to add new consumer customers despite this has reassured investors, leaving McAfee's share price unchanged. ®