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Shares of Gen Digital Inc. GEN, -1.20% shot up 6.3% in afternoon trading Wednesday, enough to pace the S&P 500's SPX, -1.92% gainers, after the cyber safety company, which changed its name from NortonLifeLock Inc. 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.
Though the heightened IT security demand is likely to have benefited NortonLifeLock's (NLOK) Q2 performance, forex headwinds might have hurt top and bottom-line growth.
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TEMPE, Ariz. and PRAGUE , Oct. 13, 2022 /PRNewswire/ -- NortonLifeLock (NASDAQ: NLOK), a global leader in consumer Cyber Safety, today announced that its fiscal 2023 second quarter financial results will be released Tuesday, November 8, 2022, after market close.
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Following its approval from CMA for the merger with Avast, we forecasted the NortonLifeLock's total revenue to reach $4 bln in 2023 with Avast representing 25% of total revenues. We expect the deal to benefit Norton and estimate a revenue synergy opportunity of $850 mln for the company.
The Avast buyout is likely to enhance NortonLifeLock's (NLOK) product portfolio, strengthen geographical diversification and expand its presence in the Small Offices/Home Offices cyber security and very small businesses markets.
Following approval by the United Kingdom's competition regulator, NortonLifeLock announced in a Friday (Sept. 2) press release that its acquisition of fellow cybersecurity software provider Avast is now expected to close Sept.
The U.K.'s Competition and Markets Authority (CMA) has formally cleared the proposed $8.1 billion merger between cybersecurity giants NortonLifeLock and Avast, a month after provisionally greenlighting the deal. The merger has been hanging in the balance since plans were first revealed last August.
Britain's competition regulator finally cleared NortonLifeLock's acquisition of British rival Avast on Friday, saying the security software market would remain competitive after the $8.6 billion merger of two of the biggest players.