Aug 1 (Reuters) - Cybersecurity firm Gen Digital ( GEN )
forecast second-quarter revenue above Wall Street estimates on
Thursday, a sign that customers will increase spending on
antivirus solutions to safeguard their systems from digital
threats.
A surge in digital scams, online threats and high-profile
cybersecurity incidents have triggered robust demand for
companies such as Gen Digital ( GEN ), which provides comprehensive
platforms for one subscription fee.
"In the months to come, you are going to see the integration
of Norton Genie as a standalone app capability integrated into
our portfolio," CEO Vincent Pilette told Reuters in an interview
about his roadmap.
Norton Genie is Gen's AI-driven scam detection tool that
helps customers identify threats that frequently pop up in
emails or text messages.
Threat actors have grown their reach as customers ramp up
digitization while artificial intelligence has made online
attacks more sophisticated and complex, thus requiring
cybersecurity companies to strengthen their products.
Gen Digital ( GEN ), which offers cybersecurity solutions including
Norton, Avast and Avira, expects second-quarter revenue to be
between $965 million and $975 million, compared with analysts'
average estimate of $968.3 million, according to LSEG data.
The company forecast quarterly adjusted profit per share
between 53 cents and 55 cents, compared with average estimates
of 59 cents.
Revenue for the first-quarter rose 2% to $965 million, which
was in line with estimates.
Adjusted profit per share for the reported quarter was 53
cents, also in line with estimates.