McAfee revenues up 12 per cent to $502.7m

McAfee has reported total net revenue of $502.7m for the first quarter of 2010, an increase of 12% c

Revenue from corporate business grew 13% year-over-year to $313m, while consumer business revenue grew 11% to $190m.

The company posted an operating income of $51.6m for the first quarter of 2010, compared to $51.8m for the same period last year.

For the first quarter ended March 31, 2009, the company posted net income of $37.6m, a decrease of 30% compared to a net income of $53.5m for the same quarter a year ago. Net income per share was down by 32% to $0.23 from $0.34 per share for year ago quarter.

Geographically, North America revenue grew 12% year-over-year to $284m in the first quarter of 2010, accounting for 57% of the total revenue.

International revenue grew 13% to $219m accounting for 43% of total quarter revenue, which includes a growth of 14% in Europe, the Middle East and Africa, 22% in Asia Pacific, 3% in Japan and 17% in Latin America.

Dave DeWalt, president and chief executive officer at McAfee, said: "This quarter marked our 17th consecutive quarter of double-digit, year-over-year revenue growth and we delivered solid operating profitability and record operating cash flow. Demand for McAfee's comprehensive security solutions continues to be driven by dramatic growth in the evolving threat landscape, coupled with increasing regulatory requirements.

Looking ahead, we believe that the diversification of our business model and the breadth of our portfolio of security solutions strongly positions us in the security marketplace. We continue to focus on delivering strong performance and achieving continued growth in market share."

McAfee anticipates net revenue in the second quarter of 2010 to be in the range of $500m to $520m and GAAP net income to be in a range of $0.29 to $0.33 per diluted share.