Gen Digital Inc. has announced a decreased profit for the third quarter, compared to the previous year, missing expert predictions. The company's profit was recorded at $144 million, or $0.22 per share, which is a decrease from the $165 million, or $0.25 per share, earned in the same quarter last year.
On an adjusted basis, excluding certain items, the company reported earnings of $317 million, or $0.49 per share for the quarter which failed to meet analysts' average estimate of $0.50 per share, as compiled by Thomson Reuters.
However, the company's revenue for the quarter did show a 1.6% increase, climbing up to $951 million from the previous $936 million recorded last year.
To offer a quick overview of Gen Digital Inc.'s earnings based on Generally Accepted Accounting Principles (GAAP), their third-quarter earnings fell to $144 million from $165 million last year. The earnings per share (EPS) also decreased to $0.22 from $0.25 the previous year. This missed the analysts' estimates of $0.50. However, the revenue for this quarter was higher than last year's, at $951 million as compared to $936 million.
Looking ahead, the company provides guidance for the next quarter with an EPS ranging from $0.52 to $0.54 and projected revenue between $960 million and $970 million. Their projected full-year guidance estimates an EPS between $1.95 to $1.97 with revenue ranging from $3.805 billion to $3.815 billion.
