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Gen Digital forecasts Q4 revenue below estimates on weak antivirus software demand

Reuters
·1-min read

(Reuters) - Cybersecurity firm Gen Digital forecast fourth-quarter revenue below Wall Street estimates on Thursday, anticipating a sluggish demand for its antivirus software, sending its shares down more than 5% in extended trading.

Amid an uncertain economy, users are cutting back on spending even on much-needed cybersecurity, hitting firms such as Gen Digital.

Gen Digital expects fourth-quarter revenue to be in the range of $960 million to $970 million, compared with estimates of $974.4 million, according to LSEG data.

It projects adjusted earnings per share between 52 cents and 54 cents for the fourth quarter ending in March, compared with estimates of 53 cents.

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The cybersecurity firm's revenue rose 2% to $951 million in the three months ended Dec. 29, compared with analysts' average estimate of $956.2 million.

Gen Digital, which offers antivirus software including Avast, Avira, AVG and Norton, earned third-quarter adjusted profit per share of 49 cents, slightly below analysts' average estimate of 50 cents.

(Reporting by Jaspreet Singh in Bengaluru; Editing by Krishna Chandra Eluri)