F-Secure defies the analysts

Shares in Finnish security company F-Secure rose by as much as 25 per cent today after it reported lower than expected losses during the first quarter of 2001, beating analysts predictions.

By Chris Holbrook, 8 May 2001 15:41

NEWS F-Secure said it suffered losses totalling E4m (£2.5m), down from E5.9m (£3.65m) in the same period 12 months ago. Analysts had predicted the company would report losses of up to E5.1m (£3.15m). F-Secure revenues rose 24 per cent from the same period last year, but fell 19 per cent compared to Q4 2000 as demand in the US slumped, particularly for its encryption business. The company last month cut 21 per cent of its 445-strong workforce, with most of the redundancies coming from outside Finland.

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