Veritas trims forecast for 2001 earnings, revenue

MOUNTAIN VIEW: Data management software maker Veritas Software Corp. on

Tuesday lowered its guidance for the second half of 2001, placing much of the

blame on US corporations' prolonged reluctance to invest in technology.

During a conference call with analysts, Veritas' chief financial officer Ken

Lonchar said he expects the company to post earnings of 73 cents to 74 cents per

share during 2001. Analysts, on average, had expected the company to earn 84

cents a share, according to Thomson Financial/First Call.

Mountain View, California-based Veritas trimmed its annual earnings forecast

as it lowered its corresponding revenue growth rate to a range of 25 to 35 per

cent from 35 to 50 per cent previously.

Despite taking its annual revenue growth forecast down from the 35 to 50 per

cent range, that old target is a "realistic range over the long-term for

us," Gary Bloom, Veritas' president and chief executive, said during the

conference call.

(C) Reuters Limited 2001.