Published on 9 Nov 2022 on Market Watch
Gen Digital stock rises to pace S&P 500 gainers, after the former NortonLifeLock beats earnings...
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 . 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 in September. It has lost 6.0% over the past three months while the S&P 500 has shed 8.7%.