What happened
Shares of NortonLifeLock (GEN 0.56%) rose on Friday after the consumer cybersecurity company reported its fiscal third-quarter results. The company beat analyst expectations for both revenue and earnings, although its guidance was mixed. The stock was up about 10.8% at 11:25 a.m. EST.
So what
NortonLifeLock reported third-quarter revenue of $618 million, up 0.5% year over year and about $10.6 million higher than the average analyst estimate. Reported billings were up 4% to $649 million. The company said it grew its customer count on a sequential basis for the first time in more than two years.
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Non-GAAP (adjusted) earnings per share came in at $0.25, up from $0.16 in the prior-year period and $0.17 better than analysts were expecting.
The company narrowed its focus on the consumer market when it sold its enterprise business late last year. NortonLifeLock paid a special dividend of $12 per share using the proceeds, and it started a $1.6 billion share buyback program.
Now what
NortonLifeLock CEO Vincent Pilette outlined the company's strategy: "Our ambition is to protect everyone's digital life in a hyper-connected world with constantly evolving cyber threats. With our Norton 360 membership plans, we offer trusted protection for consumers' devices, identities, privacy, and homes."
For the fourth quarter, NortonLifeLock expects to produce revenue between $595 million and $605 million and non-GAAP EPS between $0.15 and $0.20. Analysts were expecting revenue guidance of $609.4 million and EPS guidance of $0.05.
