HELSINKI (Reuters) - Top European security software maker F-Secure Oyj warned of a slowdown later this year despite stronger-than-expected sales and profits in the second quarter.
It said sales from its newly-launched data storage business would shrink substantially in the second half, hitting group sales growth and profits, particularly in the fourth quarter.
F-Secure’s second-quarter sales grew 12 percent from a year ago to 39.6 million euros ($47.86 million). Operating profit rose 26 percent to 5.8 million. Both numbers beat all analysts’ forecasts in a Reuters poll.
“During the quarter, Internet security sales performed very well in several European countries and in Latin America, showing robust, double-digit revenue growth,” the company said.
F-Secure reiterated it sees 2012 operating profit margin at around 15 percent and annual sales growth at 5-10 percent.
F-Secure - which competes with larger rivals Symantec and Intel’s McAfee - makes more than half of its revenue from telecom operators, which sell the firm’s software to their customers. ($1 = 0.8275 euros)
Reporting By Tarmo Virki