Gen Digital forecasts Q4 revenue below estimates on weak antivirus software demand

Gen Digital

01/02/2024 22:32

Feb 1 (Reuters) - Cybersecurity firm Gen Digital  GEN.O 
forecast fourth-quarter revenue below Wall Street estimates on
Thursday, anticipating a sluggish demand for its antivirus
software, sending its shares down more than 5% in extended
trading.
    Amid an uncertain economy, users are cutting back on
spending even on much-needed cybersecurity, hitting firms such
as Gen Digital.
    Gen Digital expects fourth-quarter revenue to be in the
range of $960 million to $970 million, compared with estimates
of $974.4 million, according to LSEG data.
    It projects adjusted earnings per share between 52 cents and
54 cents for the fourth quarter ending in March, compared with
estimates of 53 cents.
    The cybersecurity firm's revenue rose 2% to $951 million in
the three months ended Dec. 29, compared with analysts' average
estimate of $956.2 million.
    Gen Digital, which offers antivirus software including
Avast, Avira, AVG and Norton, earned third-quarter adjusted
profit per share of 49 cents, slightly below analysts' average
estimate of 50 cents.
    

 (Reporting by Jaspreet Singh in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Jaspreet.Singh@thomsonreuters.com; https://twitter.com/i_jass;))