Why Norton Parent Gen Digital Shares Are Plummeting Today
Portfolio Pulse from Lekha Gupta
Gen Digital Inc (NASDAQ:GEN) shares plummeted over 18% following the announcement of disappointing third-quarter FY24 financial results. The company reported a 2% year-over-year increase in revenue to $951 million, missing the consensus estimate of $956.2 million. Adjusted operating income and EPS also rose but fell short of expectations. Despite this, a regular quarterly dividend of $0.125 per share was declared. The company's outlook for Q4 and FY24 was revised, with both revenue and adjusted EPS forecasts below consensus estimates.
February 02, 2024 | 4:41 pm
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NEGATIVE IMPACT
Gen Digital Inc's stock plummeted over 18% due to disappointing Q3 FY24 financial results, with revenue and EPS missing estimates. The company also revised its outlook for Q4 and FY24 downwards.
The significant drop in Gen Digital Inc's stock price is directly attributed to the company's worse-than-expected financial performance in Q3 FY24, including missed revenue and EPS estimates. The downward revision of the outlook for Q4 and FY24 further dampens investor sentiment, suggesting a negative short-term impact on the stock.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100