By Jaspreet Singh
(Reuters) – Cybersecurity firm Gen Digital 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, 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, 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.
(Reporting by Jaspreet Singh in Bengaluru; editing by Alan Barona)
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