MCFE - Why McAfee Stock Soared Today
Shares of cybersecurity company McAfee (NASDAQ: MCFE) soared on Monday after the company announced it's selling the enterprise side of its business to double down on the consumer side. As of 12:45 p.m. EST, McAfee stock is up 14%.
McAfee's revenue in 2020 was split fairly evenly between enterprise and consumer customers. However, management has decided to focus on regular consumers by selling its enterprise business for $4 billion to the Symphony Technology Group. Considering McAfee's enterprise segment made over $1.3 billion in revenue in 2020, the transaction values its enterprise business at just under three times sales .
Image source: Getty Images.
For further details see:
Why McAfee Stock Soared Today