Gen Digital beats quarterly revenue estimates

Gen Digital

09/05/2024 21:45

May 9 (Reuters) - Cybersecurity firm Gen Digital  GEN.O 
beat Wall Street's fourth-quarter revenue estimate on Thursday,
as customers spend more on cybersecurity networking solutions to
combat sophisticated online threats.
    Demand for Gen Digital's cybersecurity software solutions -
including AVG, Norton, Avast and Avira - has increased in the
wake of evolving and intricate cyber threats, privacy concerns
and a surge in hacking activity. 
    Shares of the Arizona-based company rose 6% in trading after
the bell. 
    Ondrej Vlcek will be stepping down from his role as Gen
Digital's president but will continue as a board member, the
company said.
    Gen Digital's board also approved $3 billion to repurchase
shares.
    Revenue for the quarter ended March 29 rose 2% to $967 
million, compared with analysts' average estimate of $965
million, according to LSEG data.
    Gen Digital projected its full-year 2025 revenue in the
range of $3.89 billion to $3.93 billion, while analysts expect
annual revenue of $3.93 billion.
    The cybersecurity firm sees its annual adjusted profit per
share in the range of $2.17 to $2.23.
    It expects to post revenue between $960 million to $970
million in the first quarter, while analysts, on average, see
revenue of $965.6 million. 

    

 (Reporting by Juby Babu in Mexico City; Editing by Alan Barona)
 ((Juby.Babu@thomsonreuters.com;))