(Reuters) - Symantec Corp (O:SYMC), best known for its Norton antivirus software, posted quarterly profit above estimates as its core security business shows signs of growth.
The company, whose shares were up 1.6 percent in premarket trading, said it would buy back $500 million in shares.
"The security business seems to be showing signs of stabilization with some potential for growth while now they are finally loading the Veritas black cloud off of the Symantec story," FBR Capital Markets & Co analyst Daniel Ives said.
Symantec said in August it would sell its data storage unit, Veritas, for $8 billion to a consortium led by Carlyle Group (O:CG), raising cash to revive its core security business.
The company said on Thursday the sale was on track to close by the end of this year.
Net income fell to $156 million, or 23 cents per share, in the second quarter ended Oct. 2, from $244 million, or 35 cents per share, a year earlier.
Revenue fell 7.4 percent to $1.5 billion.
The Mountain View, California-based company earned 44 cents per share, excluding items, in the three months. Analysts on average had expected a profit of 42 cents per share on revenue of $1.50 billion.