GEN - Why Gen Digital Stock Zoomed 15% Higher Today
2024-05-10 17:45:00 ET
Cybersecurity stock Gen Digital (NASDAQ: GEN) ended the trading week on a high note. After publishing its latest quarterly report after market hours on Thursday, the company's shares raced more than 15% higher the following day as investors signaled their approval. That percentage rate was several orders of magnitude better than the 0.2% gain of the S&P 500 index on Friday.
Gen Digital's fiscal fourth quarter of 2024 saw the company earn $967 million in revenue, which was 2% higher on a year-over-year basis. That was on the back of total bookings that also rose by 2%. The increase in non- GAAP (adjusted) net income was well higher, as it advanced by 14% to hit $336 million, or $0.53 per share.
Both headline results edged past the average-analyst estimates. These called for slightly over $965 million on the top line and $0.52 per share for adjusted-net income.
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Why Gen Digital Stock Zoomed 15% Higher Today