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Avast antivirus owner Gen forecasts strong quarterly revenue on robust software demand
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Avast antivirus owner Gen forecasts strong quarterly revenue on robust software demand
Aug 1, 2024 3:24 PM

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.

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