Antivirus company Gen Digital increased its net profit by nearly 60 percent to $215 million (approximately 4.5 billion CZK) in its first fiscal quarter, up from $135 million a year ago. Revenue for the company, which was formed by the merger of American NortonLifeLock and Czech Avast, rose year-over-year by six percent to $1.34 billion. The company announced this in a press release. It also improved its full-year outlook.
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Gen Digital benefits from rise in AI-related cyber threats. Beats estimates and raises full-year outlook
According to Reuters agency, Gen Digital is now benefiting from increased cyber threats. These are a consequence of the development of tools using artificial intelligence (AI), which make cyberattacks easier for criminals. The company’s revenue in the first fiscal quarter, which ended July 3, exceeded analysts’ expectations. According to an LSEG survey, they estimated it on average at $1.31 billion.
Gen Digital now expects to report revenue for the full fiscal year in the range of $5.375 to $5.475 billion. In its previous forecast, it estimated full-year revenue at $5.325 to $5.425 billion.
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From Czech Avast to Nasdaq: What brands belong to Gen Digital’s portfolio today?
Gen Digital’s portfolio includes the Norton, Avast, LifeLock, Avira, AVG, ReputationDefender and CCleaner brands. The company’s shares are traded in the United States on the Nasdaq technology stock exchange.
Avast was founded in 1988 by Czech researchers Eduard Kučera and Pavel Baudiš. The company became one of the pioneers in computer security through security programs for computers and mobile devices.
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Source: ČTK
