Gen Digital beats quarterly revenue estimates
(Reuters) - Cybersecurity firm Gen Digital 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)
