Calendar fourth-quarter results released this week for #IBM 's storage business and #Symantec 's #Veritas unit paint a dim picture of near-term demand in the markets for storage hardware and software.
The year-over-year drops in revenue from both companies bode poorly for #EMC, the No. 1 seller of storage products, which will report results for the same period next Wednesday, and for Hewlett Packard Enterprise ( #HPE ), which also has a large storage business and reports next month.
Symantec said Tuesday that Veritas' revenue for the three months ended Jan. 1 fell 13% to 18% from the year-earlier period, to a range of $550 million to $580 million.
Veritas' adjusted cash flow for the period fell far more sharply than sales, between 28% and 41%, just as the unit is set to be acquired by Carlyle Group, a giant private equity firm, at the end of this month.
The numbers were in a Symantec securities filing which also stated the software maker would receive $1 billion less in cash from the sales of Veritas than the company stated in August, when the deal was announced.
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