Gen Digital beats quarterly revenue estimates

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(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)