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Cybersecurity firm Gen Digital 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 per cent 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 per cent 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.
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