price up icon2.04%   0.51

Why is Gen Digital Inc (GEN) Stock down?

We've noticed a 5.76% decline in Gen Digital Inc (GEN) stock during the 2024-06-07 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
02 Feb, 2024:

Gen Digital Inc (GEN) stock dropped by 11.25% due to disappointing quarterly results and uninspiring forward guidance. The company's recent performance left investors with little to be enthusiastic about.

  • Quarterly Results and Guidance: The company recently released its results for the third quarter of its current fiscal year, which concluded on December 29, 2023. Unfortunately, the performance for the quarter fell below the market's expectations, and the company's guidance for the future did not meet Wall Street's targets.
  • Q3 Earnings: In the third fiscal quarter, Gen Digital reported non-GAAP (adjusted) earnings per share of $0.49 on revenue totaling $951 million. These figures were slightly below what analysts had anticipated, with the average estimate predicting per-share earnings of $0.50 on sales of approximately $956.6 million.
  • Sales Growth: Despite achieving a 1.6% year-over-year increase in sales in the last quarter, Gen Digital's revenue growth failed to meet market expectations. The company, known for its services under the Norton and Avast brands, appeared to experience relatively subdued demand growth compared to other segments of the cybersecurity industry, despite favorable market conditions.
  • Future Outlook: For the fourth quarter, Gen Digital forecasts sales ranging from $960 million to $970 million. It's noteworthy that even the upper end of this guidance remains significantly below the midpoint of the average analyst estimate, which projected sales of $974.3 million. Additionally, the company's guidance for adjusted earnings per share between $0.52 and $0.54 was in line with Wall Street's target of $0.53 per share.
software_infrastructure NET
price up icon 0.23%
software_infrastructure ZS
price up icon 3.05%
software_infrastructure SQ
price up icon 3.38%
price up icon 1.29%
price up icon 1.56%
price up icon 0.24%
Cap:     |  Volume (24h):