McAfee Inc.'s (MFE) first-quarter net income rose 77% as the company posted a big increase in revenue, continuing the security-software maker's defiance of broader economic woes.

The company also offered second-quarter earnings guidance that compares favorably with analysts' estimates.

McAfee, a recent addition to the S&P 500 in December, has been buying up smaller companies, especially those who have seen their values tumble of late. Analysts believe the company's product portfolio and business deals will help it fend off the worst of the gloom in 2009, though spending on security and data-management tools has already been somewhat insulated from slowdowns in information-technology spending and the economy.

McAfee reported net income of $53.5 million, or 34 cents a share, compared with $30.2 million, or 18 cents a share, a year earlier. Excluding stock-based compensation and the amortization of intangibles, earnings rose to 57 cents a share from 43 cents.

Revenue increased 21% to $447.7 million.

In February, the company said it expected per-share adjusted earnings of 46 cents to 50 cents on revenue of $440 million to $460 million. The revenue view was above analyst estimates at the time.

Gross margin narrowed to 74.7% from 75.7%

Revenue increased 12% in the consumer segment, while the corporate segment grew 28%. Breaking down by geography, North America posted a 34% rise, while international revenue rose 7% despite currency headwinds.

For the second quarter, the company expects to report adjusted earnings of 54 cents to 58 cents a share, compared with 54 cents expected by Wall Street.

In after-hours trading, McAfee shares rose 2.7% to $38.55. The company's stock has held up well, posting only a single-digit-percentage decline since last September.

-By Jay Miller, Dow Jones Newswires; 201-938-2331; jay.miller@dowjones.com