What happened
Shares of NortonLifeLock (NLOK +0.96%) spiked today after the company reported better-than-expected fourth-quarter results late yesterday.
The tech stock was up by 10.2% as of 3:41 p.m. EDT.
So what
NortonLifeLock reported fourth-quarter non-GAAP diluted earnings of $0.40 per share, which surpassed Wall Street's consensus estimate of $0.38 per share. Additionally, the company's fourth-quarter revenue of $672 million beat analysts' consensus estimate of $660 million.
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"In the fourth quarter alone, we added 2 million new customers, and achieved record revenue and profit," NortonLifeLock CEO Vincent Pilette said in a press release.
In addition to the company's sales and earnings beats, investors were also happy to see that NortonLifeLock's board approved a share repurchase program of $1.5 billion. The new buyback program adds the current $274 million in repurchases that's already under way.
Two other highlights from the quarter include the company's consumer reported billings increasing 17% year over year, to $748 million, and an addition of 2.8 million new customers. The company ended the quarter with a total of 23 million customers.
Now what
NortonLifeLock's management issued guidance for its first quarter, saying that revenue would be in the range of $680 million to $690 million, up 11% year over year at the midpoint of guidance. The company also expects non-GAAP earnings to be in the range of $0.40 to $0.42, up from $0.31 per share in the year-ago quarter.
With the company's strong fourth-quarter results and management's optimistic outlook for the first quarter, it's no surprise NortonLifeLock's stock is climbing today.
