Gen Digital stock rises to pace S&P 500 gainers, after the former NortonLifeLock beats earnings expectations
Shares of Gen Digital Inc. shot up 6.3% in afternoon trading Wednesday, enough to pace the S&P 500's gainers, after the cyber safety company, which changed its name from NortonLifeLock Inc. two days ago, reported better-than-expected fiscal second-quarter results. The company reported late Tuesday net income that fell to $69 million, or 12 cents a share, from $333 million, or 56 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 45 cents topped the FactSet consensus of 44 cents. Revenue grew 8.1% to $748 million, above the FactSet consensus of $700.0 million. For the fiscal third quarter, the company expects revenue of $925 million to $940 million, which surrounds the FactSet consensus of $933 million. The stock, previously under the ticker symbol "NLOK," started trading under the new name and ticker on Tuesday, after the completion of the Avast acquisition in September. It has lost 6.0% over the past three months while the S&P 500 has shed 8.7%.
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