Gen Digital beats first-quarter revenue estimates on uptick in demand

Gen Digital

03/08/2023 22:55

Aug 3 (Reuters) - Cybersecurity firm Gen Digital  GEN.O 
beat revenue estimates for the first quarter on Thursday, as
demand for its antivirus software like Avast, Norton and Avira
rose, sending shares surging 3.7% in trading after the bell.
    Demand for cybersecurity software has soared in the wake of
continuously evolving cyber threats, privacy concerns and
soaring hacking activity, as users expand their digital
footprints.
    Revenue in the first quarter grew 34% to $946 million,
slightly above analysts' average estimate of $945.4 million,
according to Refinitiv data.
    The company earned adjusted profit per share of 47 cents,
above analysts' average estimate of 46 cents. 
    Gen Digital expects fiscal year 2024 revenue to be in the
range $3.8 billion to $3.85 billion, the midpoint of which is
slightly below analysts' average estimate of $3.85 billion,
according to Refinitiv data.
    The cybersecurity firm expects annual profit per share in
the range $1.95 to $2.02, compared with a market estimate of
$1.99 per share, according to Refinitiv data.
    "We are well-positioned to drive innovation and remain the
leader in cyber safety, protecting people against the growing
threats faced in our ever-expanding digital lives," CEO Vincent
Pilette said.

 (Reporting by Jaspreet Singh in Bengaluru; Editing by Pooja
Desai)
 ((Jaspreet.Singh@thomsonreuters.com; @i_jass on Twitter;))