Shares of Gen Digital were rising after the provider of consumer-focused security software boosted its stock-buyback authorization and turned in solid quarterly results and guidance.
The stock was up 15% to $23.41, on track for its largest jump since July 19, 2001, when it gained 18%, according to Dow Jones Market Data. It was also the top performer in the S&P 500.
The…
Shares of
were rising after the provider of consumer-focused security software boosted its stock-buyback authorization and turned in solid quarterly results and guidance.
The stock was up 15% to $23.41, on track for its largest jump since July 19, 2001, when it gained 18%, according to Dow Jones Market Data. It was also the top performer in the
The board of directors approved an increase of the share-repurchase authorization to $3 billion inclusive of the current $429 million authorization remaining, according to a news release. The authorization has no expiration date.
For its fourth fiscal quarter, ended March 29, the company reported adjusted earnings per share of 53 cents, beating Wall Street’s call for 52 cents, according to FactSet. Revenue of $967 million also arrived above the consensus call of $965 million.
“We closed our fiscal year 2024 delivering record revenue, growing direct customer count, and increasing operating margin,” said Chief Financial Officer Natalie Derse. “As we look forward, we’ll continue to drive our growth strategy through focused execution.”
Advertisement – Scroll to Continue
For its first fiscal quarter, the company expects adjusted earnings between 52 cents and 54 cents a share and revenue between $960 million and $970 million. The consensus calls on Wall Street were for 53 cents and $969 million, respectively.
For fiscal 2025, management is forecasting earnings of $2.17 to $2.23 a share and revenue of between $3.89 billion and $3.93 billion. Analysts had penciled in $2.21 and $3.92 billion, respectively.
Write to Emily Dattilo at emily.dattilo@dowjones.com
